The Farm bill of 2018, otherwise known as the 2018 Agriculture Improvement Act, legalized the sale of hemp-derived CBD (cannabidiol) products in the United States on the federal level (although in some states the sale of CBD is still illegal or has limited application). With CBD sales, driven by strong consumer interest, estimated to reach $16 billion by 2025, the market holds plenty of potential for pharmacies.
As with any new market, there are a variety of questions pharmacies may have when initially entering the market. Because there are so many product vendors selling such a wide array of CBD products for the market, selecting among them can be a challenge.
The following guidelines are designed to help pharmacies choose a CBD partner who can help them offer their customers a safe and rewarding CBD experience.
Guideline #1: Focus on Product Quality
While it’s not hard to find CBD products at vape shops and similar establishments, many of the products sold in these locations are of inferior quality. To help your pharmacy stand out in a crowded market, be sure to look for a partner that provides only products of the highest quality.
The two main issues with product quality in the CBD space are false product benefit claims and product ingredient lists that don’t match the product’s actual contents. To avoid these issues, make sure that any claims for CBD products you stock are validated by independently conducted tests.
It’s important to look for a CBD partner who is known for matching what they say is on the label to what is actually in the product. This is especially true for pharmacies, as they are a natural choice for customers looking for quality products with verifiable ingredients in a crowded marketplace.
Also, check to see If the product is isolate CBD or broad-spectrum hemp extract. While there Is no rule preventing the sale of isolate CBD, it is not the best choice for optimizing therapeutic outcomes, according to experts.
Guideline #2: Review the Certificate of Analysis
The CBD experts at Ananda Professional, a hemp-derived CBD manufacturer for pharmacies and an Amplicare partner, stress the importance of looking for a partner that has a third-party Certificate of Analysis. As mentioned earlier, product quality should be a priority for pharmacies, and a Certificate of Analysis can help you verify that a bottle’s ingredients match what is on the label. Look for a company that tests on every batch, rather than on just one batch number, and make sure that every batch has the corresponding number on the package.
In addition to being batch-specific, the Certificate of Analysis should also be from a third-party lab.
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Guideline #3: Look for Product Variety
After evaluating the quality of a potential partner’s products, check to see if they offer variety within their product line. Do they just sell tinctures, or do they also offer oils, capsules and topicals? Do they have body care and skin care products, even pet care products?
A partner that offers a diverse lineup of high-quality products can help you appeal to consumer demand for CBD across the full product spectrum.
Guideline #4: Assess Customer Assistance Options
To differentiate your pharmacy in the CBD market, the ability to counsel customers about the features of different products is key. Customers will naturally return to buy more product if your pharmacy team demonstrates real CBD subject matter expertise. Some companies, such as Ananda Health, offer educational assistance in the form of webinars, CE classes, and events dedicated to helping pharmacy staff get more comfortable talking about CBD.
When looking to reach customers with an interest in CBD, a software platform that helps manage the interaction process and automate your workflows can be helpful. Amplicare Restore offers a CBD report that identifies situations where an Ananda Professional product may be appropriate. This simplifies the process of engaging with and teaching patients about cannabinoids and their potential therapeutic effects. One pharmacy reports around 90% customer retention when using the platform.
Another advantage of Amplicare is that it integrates with your pharmacy’s dispensing software and delivers notifications directly in workflow. This enables your team to act on these opportunities at the click of a button and provide personalized information on CBD to a customer. By doing so, your pharmacy team can display its expertise on the subject and serve as a guide for customers exploring the potential benefits of pharmaceutical-grade cannabinoids.
Learn More About Adding CBD to Your Pharmacy’s Product Mix
What are some of the benefits of seamlessly adding CBD to your pharmacy’s product mix? Learn more by downloading this case study from Amplicare.