The Massachusetts-based cannabis company announced the distribution deal during its conference call Wednesday discussing its fourth-quarter results.
Hemp lotions and transdermal patches from Curaleaf will be sold in stores starting this week, company executives said, according to a report from Marijuana Business Daily.
"All large retailers are figuring out their hemp strategy and will address that in 2019 because there is such a huge product demand," Curaleaf CEO Joseph Lusardi said on the conference call.
Curaleaf posted fourth-quarter revenue of $32 million, up from $6.3 million a year earlier. Losses in the quarter were $16.5 million, or 4 cents a share, which included a $25.1 million one-time adjustment associated with the company's reverse takeover.
The company also reiterated that revenue next fiscal year would be about $400 million.
CVS didn't confirm that Curaleaf's hemp products would be sold in its stores but in an email to MarketWatch said, "We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS's high standards for quality."
Curaleaf shares jumped 16.6% to $8 in trading Thursday.
How Much Money Will I Need to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.