When people think of investments in the pet products and wellness space, companies like Petmed Express Inc. (NASDAQ:PETS) and IDEXX Laboratories, Inc. (NASDAQ:IDXX) often come to mind. When people think of cannabis stocks, cultivators like Canopy Growth Corp. (TSX:WEED) (OTC:TWMJF) and Aphria Inc. (TSX:APH) (OTC:APHQF) often come to mind. But what if the two sectors were to overlap? Cannabis consuming pet lovers rejoice...
CannPal Animal Health, an animal pharmaceuticals seeking to provide medical cannabis solutions for pets, is planning to go public in Australia very soon. With an estimated 5.7 million households in Australia owning at least one pet leading to roughly $580 million AUD in pet spending last year, CannPal is jumping into a very large and lucrative market.
Having already raised half a million in seed fund last year, the company now intends to issue 30 million shares at a price of $0.20 AUD per share to raise $6 million AUD. A prospectus has already been filed with the Australian Securities and Investments Commission, and the company is expecting to debut on the ASX later this month.
"The funds raised will go towards funding the clinical phase of the company’s CPAT-01 drug, as well as the research and development of other products in the company’s pharmaceutical pipeline," according to CannPal.
While the Australian Veterinarian Association doesn't recommend feeding your furry friends cannabis oil, many experts are beginning to disagree. As annecdotal evidence has come out regarding pets with positive medical marijuana treatment experiences, vets say the biggest concern is the dosage and the source.
Dr. Ahna Brutlag, a board-certified veterinary toxicologist with the Pet Poison Hotline commented, "The biggest shift, for us, has been the source of marijuana to which pets are exposed. Five to seven years ago, most of our consultations involved pets ingesting dried plant material/buds. Today, the majority of our cases involve pets ingesting edible marijuana products. As many of these ‘medibles’ also contain chocolate, this can pose an additional risk for poisoning, especially for dogs and cats."
Presumably CannPal will solve these issues. By providing pet owners with pet-specific cannabis products from a reputable and verified source, risks are diminished and efficacy is increased.
As we've seen handfuls of cannabis-related companies flood the public markets, it's nice to see CanPall differentiating itself. As the IPO gets closer and closer, we'll be sure to update readers with the important updates.
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