CVS Health (CVS) will close over 20 pharmacies in Arkansas after the state passed a law that bans pharmacy benefit managers from owning or operating pharmacies, news outlets reported Thursday.

CVS Health called the law, namely HB1150, "a bad policy," the outlets reported, citing a company statement.

CVS, which has 23 pharmacies across Arkansas, thinks the new law will also result in closure of more than 100 mail-order pharmacies in the state, according to the news outlets, citing the statement.

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