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Doggy treats are starting to gain a whole different meaning now that a hemp-derived cannabidiol (CBD) producer is expanding its line of pet products.
On Tuesday (May 7), Charlotte’s Web Holdings (CSE:CWEB,OTCQX:CWBHF) announced the launch of 12 new canine-focused products for its pet lineup.
“We applied a thoughtful, scientific approach to animal health, expanding from our single oil extract offering to 12 SKUs enhanced with additional botanicals to support your dog’s mind, body and soul,” Kelsey Morrison, associate director of product development with the firm, said in a press release.
Charlotte’s Web holds an approval for its pet line from the National Animal Supplement Council (NASC) regulator. This means its products are deemed safe for animal consumption.
Hess Moallem, president and CEO of Charlotte’s Web, said that as part of adhering to the standards from NASC, every product is run through over 20 tests during the production process.
The new lineup of infused products includes chewable items, oils and a topical balm. The chewable products will be split by three different product descriptors: calming, hips and joints and cognition.
According to the firm, the balm is intended to be massaged into the animal’s skin for aid on stiff joints, tender paws or sensitive skin.
Shares of Charlotte’s Web dropped on Tuesday’s trading session by 2.76 percent for a closing price of C$25.04 per share.
Pet market potential intrigues investment
As the marijuana market has evolved to allow for more specialized plays, the interest in pet products has risen for investors.
Data from research firm Brightfield Group projects that the total CBD pet sector will be worth US$1.16 billion by 2022, according to a report from CNBC.
The same research group confirmed sales of CBD pet products in the US rose to US$32 million in 2018.
As part of its business partnership with Martha Stewart, Canopy Growth (NYSE:CGC,TSX:WEED) announced that the first line of hemp-derived CBD products from the two will be pet related.
“I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets,” Stewart said in a press release.
In March, True Leaf Medicine International (CSE:MJ,OTCQX:TRLFF) announced its pet products would gain an added distribution across 3,500 stores worldwide in addition to a partnership with retailer Pet Planet.
“As cannabis and hemp products continue to gain mainstream market momentum, our fully legal hemp-based formulas have caught the attention of pet retailers in North America and Europe,” Darcy Bomford, founder and CEO of True Leaf, said in a press release.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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