In the next five years, the market for CBD products in pharmacies is expected to double, going from about $1.5 billion in 2022 to over $3 billion in 2026. Medicinal products that contain CBD could be extremely beneficial for the customer, but it also has some risks. So what factors should pharmacies consider when making the decision to start selling CBD?
What is CBD?
Cannabidiol (CBD) is a chemical found in the Cannabis sativa plant, commonly known as marijuana or hemp. CBD can have an effect on chemicals in the brain, some of which help regulate pain and stress.
The 2018 Farm Bill legalized hemp, but the FDA is not regulating CBD products; rather, individual states are. As a result, pharmacies are left to decide whether or not they want to sell CBD products in their store. The FDA has not approved the use of CBD oil and other cannabis-based products for any medical treatment, but many states have legalized them anyway—and people are becoming more interested in trying them out.
Why do some pharmacies choose to sell it?
Most pharmacies sell CBD because consumers want and need alternative options to mainstream medication and pharmacies to want to be seen as “on the cutting edge of health care.” These products can also help with pain relief, anxiety, and insomnia—conditions that many people use prescription medications for.
What should a pharmacy consider when deciding to sell CBD?
There are several concerns that pharmacies must take into consideration before deciding whether or not to sell CBD oil products. When selling a medication, it is necessary to fully educate customers. This allows for them to make an informed decision about whether or not they want to try the product and gives pharmacies a chance to identify any potential problems before they arise.
There is a growing demand for alternative treatment products such as hemp, but customers must also have access to proper information and support when using them.
A survey by Pharmacy Outcomes showed that customers responded better to CBD products when they were given reassurance about the product. This means that pharmacies must take into consideration whether or not they are willing to inform their customer base about hemp oil products before selling them.
Finally, pharmacists have an obligation to monitor how their patients are responding to treatment with CBD oil. If a patient reports any side effects or issues, pharmacists can intervene and treat those problems as they arise.
How to cover all your bases if you decide to start selling CBD
Professional liability insurance is an important type of protection that every company needs—whether they sell CBD products or not. It helps protect your company against legal action in case something goes wrong and someone gets hurt as a result of what your company did or didn’t do. What does this mean when it comes to selling CBD?
If you are considering selling hemp products, it’s imperative that you have professional liability insurance before making the decision to do so. This way, if anything happens while providing these services—if someone has some sort of negative reaction or ends up getting hurt—your business will be protected.
CBD can definitely help people live healthier lives, but it’s also important to consider the benefits and risks involved before deciding whether this type of medication is right for your company. By doing your due diligence, you can provide the best possible education and support to your customers no matter what you decide to do.
Is it worth it?
Although it began as a trend, the U.S. government has legalized CBD products—making them much more mainstream and accessible. By protecting its customers and having in-depth knowledge about CBD, a pharmacy can successfully sell hemp oil products and offer alternatives to prescription medication.
Bottom line
In conclusion, pharmacies have an obligation to their customers to provide them with complete information about CBD products before selling them. Pharmacies must first decide if they are willing to invest the time and energy into educating their customers about the products.
Should a pharmacy make the decision to sell CBD products, there is a good chance that customers will appreciate having full access to information and support when trying out CBD for medicinal purposes.
If you’re a business looking for more information on professional liability insurance, please contact Bethany Insurance today. We can provide you with the coverage you need to protect your business from any potential lawsuits.
