POINT ROBERTS, Wash. and DELTA, British Columbia, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Investorideas.com, a leading investor news resource covering hemp and cannabis stocks, releases a snapshot looking at the growing opportunity for the CBD pet market and how companies that are positioned in the cannabis space are adding pet markets to their growing portfolios.
According to the American Pet Products Association (APPA), $69.51 billion was spent on pets in the U.S in 2017 and it’s estimated that number will grow to $72.13 billion for 2018. Canadians spend $6.6 billion a year on their pets according to recent numbers.
Looking at how cannabis/CBD plays into the pet market, CTV reported, “In 2017, sales of cannabis products marketed for pets at medical and adult-use cannabis dispensaries was nearly $7 million in California, Colorado, Oregon and Washington, according to BDS Analytics. In Colorado, sales of pet products grew 49 per cent in 2017, versus growth across all product categories at 15 per cent, it said.”
Canopy Animal Health, stated as the global leader in cannabinoid science for pets, is a division of Canopy Health, a wholly owned subsidiary of Canopy Growth Corporation (TSX:WEED), (NYSE:CGC). In August they announced that approval had been received from the Veterinary Drug Directorate of Health Canada to research the effectiveness of cannabidiol (“CBD”) to treat anxiety in certain animals.
Continued: The research will be conducted by Canopy Animal Health, a division of Canopy Health which focuses on developing cannabis-based healthcare products for companion animals. The approval comes in the form of a No Objection Letter for the use of a proprietary CBD enriched oil formulation, previously administered in preclinical dosing and safety studies, as a potential therapy for anxiety. The CBD formulation will be produced by Canopy Growth in its GMP-certified production facility in Smiths Falls, Ontario.
From the release: “Our passion to create safe and effective products for animals is driven by the love we share for our pets,” commented Marc Wayne, Managing Director, Canopy Health Innovations. “The use of natural-occurring cannabinoids as a therapy for companion animals is a logical new forefront of medical discovery and the research we are working on at CAH is world leading. These trial approvals mark a significant milestone on the journey of making cannabis-based drugs accepted and recommended by veterinarians.”
Trying to set their own paw print in the sector, EnviroTechnologies International, Inc. (OTC: ETII) , just reported that its subsidiary, CBD Health Co., (www.cbdhealthco.com), a company that markets and sells high quality and proprietary hemp-based, natural CBD health products, is progressing in its hemp-based pet supplement products development.
From the news: “Much has been written lately about CBD products and the numerous applications for humans and pets, which has raised consciousness of CBD’s therapeutic value. Our CBD products are all cannabidiol-based, which means they are not psychoactive and are safe for pets,” said Joe De Leon, CBD’s President. “When your pet gets sick, you want the best treatment available and the products we are developing will offer better, more effective and safer medicinal options for pets than traditional pet health products.”
Continued: Current research shows that there are several common CBD benefits for dogs, which are, 1) powerful painkiller (the ECS is involved in managing pain and CBD’s pain killing properties are well documented); 2) effective anticonvulsant (CBD helps control seizures, tremors, tics and spasms); 3) natural anti-inflammatory; 4) anxiety and stress reducer (anxiety in dogs often results in barking, urination and defecation, chewing and aggression); 5) active antiemetic (reduces nausea and vomiting); and homeostasis promoter (proper functioning of the body).
“Pet owners are committed to their pet’s health and well-being and are willing to spend money on pet health products, which make this a multi-billion dollar market, worldwide," said Karren. “We hope to introduce our CBD pet products in 2019 as we believe that our CBD pet products will be superior to those currently offered in this huge industry and will create another profitable channel for our CBD products.”
Earlier this year, CannTrust Holdings Inc. (TSX: TRST), one of Canada’s leading licensed producers of medical cannabis, announced it entered into a letter of intent with privately-owned company, Grey Wolf Animal Health Inc., to develop groundbreaking cannabis products to support the well-being of pets.
From the news: There are approximately 16 million cats and dogs in Canada with almost two-thirds of Canadian households owning a pet. Canadian pet owners are increasingly treating pets as an extension of their family. With over 350 million pets globally, there is a sizeable market opportunity for cannabis products.
Isodiol International Inc. (CSE: ISOL) (OTC: ISOLF) announced in October it will be launching Pawceuticals, a CBD-based product line that naturally aids in restoring a pet’s health and improving overall wellness.
While these companies are not solely focused on the pet market, it is another revenue door to open in the CBD market. Investors and industry leaders see further substantial growth for the sector as the US Farm Bill gets closer to passing, with hopes the goal may be accomplished as early as this week.
For investors following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks
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