News that one of the world’s largest chain of convenience stores would soon be stocking cannabidiol in many of its U.S. outlets turned out to be not what it seemed.
Unlike tetrahydrocannabinol (THC), cannabidiol (CBD) is non-intoxicating, i.e. it doesn’t product a high. It’s a compound that has been increasingly thrust into the spotlight for its potential in treating or managing a wide range of conditions; everything from skin inflammation, to PTSD and epilepsy – and without some of the nasty side effects or risk of dependence accompanying some conventional treatments.
Significant quantities of CBD can be extracted from some strains of industrial hemp, marijuana’s non-intoxicating cousin.
There are many Americans keen to get their hands on medical cannabis products such as cannabidiol more easily in states where it is legal – and for what was a brief moment, it appeared their wishes would soon come true.
A press release in connection to Colorado company Phoenix Tears (still accessible at the time of publishing) said it had inked a distribution agreement that would see its cannabidiol products in “thousands” of 7-Eleven stores within 12 months. It stated Phoenix Tears expected to reach over 7,000 7-Eleven stores with its industrial hemp derived product over the next three years.
“We are excited that 7-Eleven will bring the Phoenix Tears product line to millions of Americans who can benefit from these all-natural, safe, and market-proven health alternative products,” Janet Rosendahl-Sweeney, founder of Phoenix Tears, is reported as saying. “In addition, this agreement confirms our belief that CBD’s status as a mainstream wellness option has arrived.”
Apparently the “deal” was struck via MarketHub Retail Services, a distributor that works with 7-Eleven franchisees.
However, this appeared to be news to 7-Eleven as well. Huffington Post reports 7-Eleven’s director of communications said there was no such deal.
“We have made no agreement or partnership with this company and do not know why they said that,” stated Stephanie Shaw.
Phoenix Tears’ founder said some of the details in the press release were “misstated” and is investigating the issue.
It’s a very odd situation and raises the questions – is CBD something that 7-Eleven is considering stocking; or perhaps even currently negotiating? And if not with Phoenix Tears, then with who?
Perhaps this may not be the end of the story.