Humans with all kinds of ailments are already enjoying the therapeutic benefits of cannabis, but what about pets? After yesterday's announcement from Stony Hill Corp. (OTC:STNY), regarding the launch of their line of hemp-derived CBD products for pets., we wanted to gather a list of public cannabis companies that are invested in the rapidly growing CBD animal health space.
CBD for Pets?
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 at least a sliver of the pie.
For the naysayers, there's even ongoing clinical research proving that CBD can indeed help our furry friends. Both Colorado State University and the University of Pennsylvania School of Veterinary Medicine are testing CBD for pets with osteoarthritis, epilepsy, and more. This alone shows the tremendous potential for CBD in the animal health space.
Here's 3 publicly traded cannabis companies that are diving into the space:
In January, Medical Marijuana, Inc. announced the establishment of its newest subsidiary, Phyto Animal Health. Phyto Animal Health offers a line of CBD-based hemp oil supplements and hemp products for cats, dogs and horses. All of these products are "Triple Lab Tested" for integrity, safety and consistency and offer an abundant number of terpenes, essential fatty acids and other cannabinoids found naturally in hemp plants.
Earlier this week, Stony Hill Corp. announced the official launch of TherPet, an advanced full-spectrum hemp-derived CBD-based product line for pets. TherPet's initial product line includes tinctures in a range of dosages and flavors ranging from chicken to peanut butter. In the future, the company intends to expand the TherPet product line to include chews, treats, accessories, and more. According to the company's release, all TherPet products have been specially formulated with every pet's health in mind.
Earlier this year, Vet Online Supply Inc. announced results from the launch of CBD pet product sales, which included a retail CBD order for $245,000. With private-label pet products available such as CBD treats and CBD drops, the company projects its earnings for CDB Pet Treats and Drops in 2018 to be $2.75 million. Since this initial announcement from VTNL, the company released a further update announcing execution of the first purchase order of $529,790 for 10,000 units of CBD Pet Drops and 7,000 units of CBD Pet Supplement Treats.
More Companies Coming Soon
In addition to the three companies detailed above, mCig, Inc. (OTC:MCIG) recently announced plans to launch an "innovatively advanced hemp CBD-based formula for pets." The company also announced that Dr. Arkady Uryash, a Doctor of Bioengineering and Cardiology at Mt. Sinai Medical Center, will be leading the new initiative.