Save Mart, a leading American full-service grocery store, has extended its cannabidiol (CBD) offerings from 5 to over one hundred locations. The move, as reported by the company’s management team, was informed by a strong retail sales performance of the CBD line provided by cbdMD.
Save Mart, which was started in 1952, operates 204 supermarkets across California and Northern Nevada. The company operates under four different brands: Save Mart, S- Mart Foods, Lucky, and Food Maxx.
Towards the end of 2019, Save Mart kicked off a partnership with a leading CBD company, cbdMD that led to the introduction of CBD products at their Modesto location. By the close of that year, Save Mart was selling CBD products at five of its locations. The company has now given a go-ahead for more of its locations to start offering CBD products. This is exciting for the market since both brands (Save Mart and cbdMD) have a huge consumer following in both California and Nevada.
Early this year, Save Mart was bought by a Los Angeles-based private equity firm: Kingswood Capital Management LP. The company was previously family-owned. With the new acquisition, Kingswood hopes to extend the company’s footprint across Northern America. Save Mart previously operated 89 pharmacies but this service was moved to Walgreens soon after the Kingswood acquisition.
Hemp was legalized federally in the US by the passage of the Agricultural Act of 2018. This made hemp-derived CBD products legal across the US. Consumers turn to CBD products to get relief from fatigue, stress, anxiety, sleep issues, and chronic pain among other reasons. While there’s a multitude of CBD products being sold both online and at storefronts in California, not all are from reputable sources.
About Save Mart
Save Mart is a group of four companies that operate full-service grocery stores in California and parts of Nevada. The company which began in 1952 as a local grocery store in central California was recently acquired by Kingswood Capital Management which plans on increasing the company’s footprint to cover most of North America. Save Mart Companies operate under the banners of Lucky, Save Mart, FoodMaxx, and S-Mart Foods.
About cbdMD
cbdMD offers 29 varieties of full-spectrum CBD products that are hemp-derived and tetrahydrocannabinol (THC)-free. Their product range includes tinctures, capsules, topicals, bath bombs, and Paw CBD pet products. The products are manufactured in GMP-certified labs and undergo rigorous third-party testing to confirm purity and potency. Their products are particularly popular among the athletic community but are also enjoyed by a wide variety of CBD consumers.
References:
[1] The Union Democrat: L.A.-based private equity firm buys Save Mart Companies. Published March 31, 2022, retrieved August 16, 2022 from https://www.uniondemocrat.com/news/article_0825b664-b136-11ec-b8aa-8b532fa56b71.html[2] Abc10: Save Mart closing pharmacies, moving those in-store services to Walgreens. Published August 14, 2022, retrieved August 16, 2022 from https://www.abc10.com/article/news/local/save-mart-pharmacies-walgreens/103-dc523880-1645-4f82-bc24-9a5703a13c7e
