CBD shops coming soon to a mall near you
CBD-infused products that harness the pain relieving elements of the hemp plant may be coming to a store near you.
Simon Property Group, the largest owner of malls in the United States, is partnering with Toronto-based Green Growth Brands to bring cannabidiol-infused products to 108 locations.
"Everyone is in high-growth mode right now," Peter Horvath, CEO of Green Growth Brands, told CBSN. Horvath was formerly the chief operating officer at Victoria's Secret, and hopes to bring his experience in beauty and personal care to the CBD market.
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Castleton Square Mall in Indianapolis will be the first Simon Property shopping center to open a Seventh Sense Botanical Therapy shop, the Green Growth-owned kiosks that will sell topical products infused with cannabidiol.
The coming boom in the CBD industry has drawn big-name players from Budweiser to Martha Stewart, with the CBD market estimated to grow from about $500 million currently to $22 billion by 2022, Horvath said.
Topical products infused with CBD can be sold after Congress passed the 2018 Farm Act in December, legalizing hemp production and transportation. Ingestible cannabidiols, such as in vaping pens or in dietary supplements, are not yet permitted under the U.S. Food and Drug Administration.
Consumer confusion between CBD and cannabis has been exacerbated by overlapping state and federal laws, but CBD is derived from the hemp plant that doesn't get users "high" due to the lack of the THC chemical. CBD oil is touted to have medicinal benefits, curing users of everything including anxiety, depression, insomnia and even seizures.
Cannabis is legal under a growing number of state laws, but federally it remains illegal. Meanwhile, CBD is legal under federal law, but illegal in some states, like Florida, New York and Ohio.
Horvath said that the company would not be delivering to states where the law is unclear.
