Taking Care of Our Pets: More CBD Pet Products Coming to Market Drive Quality and Innovation
Point Roberts, WA and Delta, BC - April 29, 2019 (Investorideas.com Newswire) Investorideas.com, a leading investor news resource covering hemp and cannabis stocks releases a snapshot looking at how as the CBD pet market grows, more companies are putting in extra effort to create quality products and innovative technologies to ensure the best care possible for pets that are often considered family members by consumers.
A recent study published in The Pet Behavior Science Journal indicates that dogs with epilepsy can have less frequent seizures if treated using CBD oil.
While the study may have been small because it only followed three dogs over a period of two months while those dogs were treated with CBD oil, the research suggests that dogs respond to cannabis treatment in the same way that humans do.
One of the largest cannabis companies in the world, Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) and Sequential Brands Group, Inc. announced back in February that Martha Stewart had joined the Company in an advisory role to assist with developing and positioning a broad new line of product offerings across multiple categories, with a focus on pet products.
"I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living," said Martha Stewart. "I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets."
While we are still waiting with baited breath for more news and developments on Canopy's pet product line, the company is not sitting idly by and is ensuring proper supply arrangements so as to be prepared to enter the market. More recently, the company announced its acquisition of AgriNextUSA, a hemp enterprise led by CEO Geoff Whaling, which has been at the forefront of hemp advocacy and building a vibrant hemp sector in the US. The acquisition will accelerate Canopy Growth's entry into key American jurisdictions as regulations surrounding the full use of hemp as a crop begin to be implemented, thanks in part to the recently enacted 2018 US Farm Bill.
Hemp has the potential to disrupt several prominent industries: advanced materials, cosmetics, energy, fiber and textiles, food and protein production and the health and wellness sectors. In addition, hemp is a natural source of CBD, the non-intoxicating component of cannabis that can be used for health and wellness purposes, as well as pet products in jurisdictions where legally permitted.
LinkResPet, a subsidiary of Link Reservations Inc. (OTC: LRSV), a company providing CBD products especially tailored for pets, has recently announced that it is finalizing negotiations with a certified US-based CBD producer and fulfillment center and are currently in the final stage of negotiations.
Link Reservations Inc. is looking to establish itself in the US/North American market and has been communicating with various producers in order to find partners that meet their high standards, and has now found such a producer to advance on their first partnership.
Upon this arrangement being successfully completed and as the company explores retail opportunities, LRSV will be able to offer home delivery of its CBD pet products in the US and Canada. The company will also be in a position to supply products to brick & mortar pet retailers. This will be a key for future growth as the LinkResPet product line increases.
René Lauritsen, Link Reservations Inc. CEO commented: "This is a huge step for LRSV and our brand LinkResPet, and we are incredibly excited to be making advances in North America. We selected our new partner due to their high-grade CBD products and flexibility in production and delivery timeframes. We ensure our products undergo a rigorous process of quality control and testing, using the latest scientific methods that will confirm their quality and safety, which of course includes being free of bacteria, pesticides, mold, solvents, and other contaminants."
The producer is specialized in "SFE" technique (Supercritical Fluid Extraction), using state of the art equipment. "SFE/CO2 Extraction" is the most sophisticated method of professionally producing hemp oil extract, gently obtaining the extract and preserving many of the plant's active molecules, while being environmentally friendly and sustainable. In this process, supercritical CO2 (carbon dioxide) gas is used in natural product extraction, offering the possibility to separate materials from each other selectively and with great care.
Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States' subsidiary, Phyto Animal Health recently announced the launch of its newest CBD pet product, HempBone Smoked Salmon Bites for cats.
HempBone Smoked Salmon Bites are artisanal star-shaped cat treats that are soft-baked and naturally-flavored to taste like smoked salmon and roasted seafood.
Small cats can enjoy three to four bites daily to help support overall wellness, while larger cats may require a larger serving. CBD has been studied extensively by top-veterinarians to promote cardiovascular function, support healthy joints, and promote neurological health and emotional behavior in pets.
"Our HempBone Bacon Apple Donuts have gained incredible popularity over the past year because of their natural allergen-free ingredients and palatable taste that dogs love," said Phyto Animal Health CEO, Ian Quinn. "We wanted to offer a safe and nutritious snack for cats as well so we created HempBone Smoked Salmon Bites. They are one-fourth of the CBD per serving size as the Bacon Apple Donuts and feature a more feline-focused flavor, better meeting the dosing needs and taste preferences of cats."
"There is currently an upward trend in the CBD pet supplement industry and for good reason," said Medical Marijuana, Inc. CEO, Dr. Stuart Titus. "Phyto Animal Health leads this industry trend with premium quality, veterinarian-recommended CBD supplements in a variety of options that are customized to meet the needs of pets of many different sizes and species."
EastWest BioscienceInc. (TSX-V: EAST) is also bringing new innovative products to market, having announced four additional products to its Natural Pet Science line, both in Canada and the US, with CBD included in the US destined products which will be marketed to CBD permitted jurisdictions.
Overshadowed by the significance of the CBD opportunity that the signing of the 2018 Farm Bill presented, in December 2018, The US Food and Drug Administration completed its evaluation of three generally recognized as safe (GRAS) notices for hemp seed-derived food ingredients. These ingredients being hulled hemp seed (GRN765), hemp seed protein powder (GRN771) and hemp seed oil (GRN778). These notices represent a real market opportunity for EastWest, which validates the Company's Canadian 'product first' strategy.
EastWest's product development and sales strategy in the US will be similar to what it used to grow retail shelf space in Canada. Now that there is FDA approval for hemp-based foods, the Company's interesting and innovative hemp-based products with unique formulations and ingredients become attractive to distributors. As Eastwest's hemp products become established in retail stores and distribution networks it lowers the barrier of entry for the Company's CBD infused products.
"Hemp based products are still relatively new to US markets and distributors are always looking for innovative lines to sell. Our Hemp and Cricket pet treats on shelves in the US, even without CBD, represents an opportunity to increase revenues beyond what the Canadian market is capable of," states Rodney Gelineau, CEO of EastWest Bioscience Inc.
August 2018 figures from New Frontier Data found that hemp-derived pet supplies generated $13 million in 2017 and by 2022 it's expected that this number will reach upwards of $125 million.
Currently dogs and cats are the focus of the day as these are our most common North American pets, however as companies develop better quality products and increase distribution, we can expect to see horses and larger animals as beneficiaries of CBD as well, expanding the overall potential for the market. As more research comes out on the benefits of CBD for animals, we can look ahead to more companies entering the market, with companies having early entry in the sector gaining the lead.
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