Veritas Farms, a vertically integrated agribusiness, is supplying its full spectrum hemp extracts topical products across 945 Kroger Family of Stores in 17 states.
“We are trying basically to provide consumers a healthier alternative to what’s currently out there,” Veritas Farms CEO Alexander Salgado told FOX Business’ Stuart Varney on Friday.
Cannabidiol, or CBD, is the non-psychoactive compound found in hemp plants. It has been classified as a promising remedy to help treat many common conditions like pain, insomnia, and anxiety.
|KR||THE KROGER CO.||40.03||+0.24||+0.60%|
|CVS||CVS HEALTH CORP.||83.64||+0.77||+0.93%|
Veritas Farms said it will supply Kroger with CBD oil topical products in the form of salves, moisturizing lotion and lip balm. With CBD legal in all 50 states, it is projected that the hemp extract could reach $16 billion in sales by 2025, according to a report by New York-based investment bank Cowen.
Salgado said his partnership with U.S. retailers will help his agribusiness double its first-quarter revenue of $1 million for the remainder of 2019.
“We are also working with major big-box chains, drug chains and retailers all over the country. So we are also adding companies like CVS and other major retailers as well,” he said.