According to the American Pet Products Association, Americans spent an estimated $69.36 billion on their pets in 2017, which was up from $66.75 billion in 2016. Given the sheer size of this industry, it’s no wonder cannabis companies are expecting CBD-for-pets to attract many investors.
Dogs and cats are increasingly taking the non-intoxicating cannabis compound as their owners seek to provide relief to their four-legged friends for everything from anxiety to pain and seizures. While there’s scant data proving CBD works for any of these ailments, some people are swearing by it and more vets are prescribing it.
Sales of CBD pet products quadrupled last year to $32 million from $8 million in 2017, according to the Brightfield Group. The cannabis-focused research firm estimates the market could balloon to $1.16 billion in the U.S. alone by 2022.
Medical Marijuana, Inc. (OTC: MJNA), recently announced that its subsidiary HempMeds® has released its Hemp for Pets pet cannabidiol (CBD) product line in celebration of National Dog Day.
Hemp for Pets by HempMeds® was created to help improve the lives of all pets, from nose to tail. The Company, a proud member of the National Pet Supplement Council (NPSC), aims to improve the lives of pets and people naturally with a commitment to ethically-sourced hemp CBD extract and natural ingredients, dedicated scientific expertise and innovation backed by the strictest efficacy testing.
EnviroTechnologies International, Inc. (OTC: ETII) is in a good position to take advantage of the burgeoning Hemp/CBD Pet industry.
Last year the company confirmed 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.
“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.”
The company (ETII) intends to work closely with veterinarian doctors attending trade shows, and launching national campaigns to penetrate the market. Along the way we will educate the public on safe and natural ways to treat their pets.
American Premium Water Corporation (OTC: HIPH) recently announced that its Lynks CBD Pet Water, a joint venture with Link Reservations Inc. (OTC: LRSV) is available for sale on SingleSeed.com. The CBD used in this product is hemp-derived.
American Premium Water Corporation CEO, Ryan Fishoff stated “I’m happy to announce that Lynks CBD Pet Water is now available for sale on SingleSeed.com! This product was fast tracked for development in the spring, and we were able to deliver it early! Beverages designed for pets has been an overlooked category in the pet space. There are very few pre-packaged waters designed for pets available in the marketplace, and certainly none that are infused with our proprietary Hydro Nano CBD technology. I am confident that Lynks CBD will quickly establish itself as the market leader in the pet sector. We’re really excited that the Company now has a product to enter the pet market, one of the largest consumer markets in the world.”