As a market projected to reach $16 billion by 2025, CBD offers new opportunities for pharmacists looking to diversify their sources of revenue and drive business growth. Take, for instance, T.W. Taylor, Pharm.D., owner of Williamsburg Drug Co., in Williamsburg, Virginia. For nearly a year and a half, he’s seen the benefits of providing CBD products to his patients in both his bottom line and the opportunity to counsel patients. Below, he shares the financial impact CBD has had on his pharmacy, how he talks to patients about CBD, and how he addresses patient concerns about CBD.
Q: What is your general workflow or process for talking to patients about supplements in general and CBD specifically?
A: When a patient notification pops up from Amplicare, we print out the information and staple to the Rx bag. We also have the pharmacist talk to each patient and give them a dosing sheet, and Dermatome, if applicable. We get their names, email, and cell numbers and follow up in three to five days to help them overcome issues. You will get about 90% retention doing this.
Q: How successful have you been with CBD products at your pharmacy? Can you share any sales numbers with us?
A: The numbers below are our actual sales and it happens because our staff is well-trained. A knowledgeable and confident staff translates to trustworthy to your customers, who want to buy a professional product from a trusted professional and not the local vape shop.
|CBD Sales ($)||CBD Sales ($)|
Q: What are some of the main reasons you’ve seen patients try CBD products?
A: There are so many different ways cannabinoids affect the body. We’ve counseled patients with anxiety, insomnia, pain, migraine, inflammation, and depression on the benefits of CBD. There was a study on fibromyalgia patients who said cannabinoids were a very effective treatment for them. These images from Ananda Professional share some more information. It’s also important to remember that the World Health Organization and the FDA say that CBD has no abuse potential and doesn’t post any risk to public health.
Q: Can you provide an example of a CBD patient success story?
A: I have dozens. There was a five-year-old boy who, for the past two years, had gotten progressively withdrawn and angry. He would not listen to his parents and they said they felt they were losing their son. After starting CBD and dosing correctly, within a few days, their son was back to his old self and playing with friends again. Another example is a nurse, 28 years old, with so much anxiety she would throw up every morning. She started Ananda Professional and three days later came and got another bottle to make sure she “would never run out.”
Q: What advice would you give to pharmacists considering carrying CBD products or supplements?
A: If you grow your prescription sales a million dollars, it will be at 80% COGS (Cost of Goods Sold). If you grow CBD a million, it will be at 50% COGS and all cash — no third party, no receivables, no audits, no DIRs. Which would you rather have? It can be done and I know this because I am doing it in a town of about 15,000.
Q: We know some people are hesitant to try CBD. Have you experienced this with your patients and how do you address their concerns?
A: The only problem I see is misinformation — it is all about education. The whole area is very confusing and you need to know what the differences are between Medical Marijuana, Industrial Hemp, Hemp Oil, and Hemp Extract, etc. Once you understand and convey that to your customers in a clear, concise manner, you will take care of any concerns. When we have a CBD town hall, we get 200-plus people there at an average of 70-plus [years], all church going, educated people because Ananda Professional CBD works!
Remember that eight to nine CBD companies are not what they say they are. I am currently doing a double blind, randomized, placebo-controlled crossover study with Eastern Virginia Medical School and they chose Ananda Professional for their study.
Q: How do you use point-of-care testing to communicate a vitamin deficiency and help close a sale?
A: Great question. We do lots of testing. Some at POS for free like PH, Nitric Oxide, and Zinc. Other tests are saliva, urine, blood, and still with in-depth consults paid for by the client. We carry all professional grade supplements, mostly private labeled to develop our own brand. The key is to have fun, engage your customers, and build those lasting relationships that buy month after month. Remember, you are the expert. You should own the supplement market. If the GNC or Vitamin Shoppe are selling $50,000 a month, why aren’t you? They are both open 100 hours a week and your customers are going there now.
Learn more tips from Taylor at our upcoming webinar with Ananda Professional, “Integrating CBD into Your Workflow for Increased Patient Outcomes & Profits.”