Demand for CBD for pets skyrockets as owners switch to greener options
In recent developments, many pet owners are using cannabidiol (CBD) products as a cure-all for their furry companions.
If you’re no stranger to the CBD industry and how it steadily became an international phenomenon, then chances are you’ve already heard of CBD-based products specially manufactured for pets. But for the uninitiated, CBD is an oil extracted and isolated from the cannabis plant. Containing no psychoactive effects often associated with the marijuana strain, the oil boasts a wide range of therapeutic and medicinal benefits, including the ability to remedy pains and aches, and even eradicate anxiety.
Clearly, the recent years have seen a huge growth in terms of its popularity. And while marijuana’s legalisation is still unclear and CBD is still not entirely legal in all 50 states, new studies and renewed attention gave it a different light, bringing a new worldwide rush.
So why use it on pets? As humans, we have what is called an endocannabinoid system (ECS). This ECS has receptors throughout our entire body and acts as the system that helps us maintain balance in our body. And like vitamins, we can use CBD to prevent cannabinoid deficiency in our body. Well, similar to us, animals also produce cannabinoids that they use to interact with their own ECS. And much like us, they too can have endocannabinoid deficiencies that can cause imbalance. This is where cannabis medicine comes into play, which has cannabinoids almost specifically made to heal and balance our bodies, as well as those of our pets.
As a result, people and cannabis experts ask: If CBD is beneficial for humans, then how come animals can’t have a go? Enter MediPets, Diamond CBD’s line of CBD for pets. Diamond CBD is currently the leading manufacturer of hemp-derived CBD products in the United States, specialising in research and development of innovative CBD hemp extracts that are distributed locally and internationally.
Backed by a team of doctors and scientists, the company uses supercritical CO2 extraction on quality-tested non-GMO organically grown plants to produce nothing but the finest and purest CBD oil, making sure it retains its naturally occurring beneficial molecules. With premium products, Diamond CBD is able to generate record-breaking sales month after month. In fact, the company recently scored over US$300,000 (AU$419,000) in sales at the 38th Las Vegas CHAMPS show while also managing to get the attention of more prospective vendors from all over the world.
Its parent company, PotNetwork Holdings, Inc. (OTCMKTS:POTN), is also a leading player in the industry. Solely dedicated to the research, development and multinational distribution of premium hemp extracts that contain a broad range of cannabinoids and naturally occurring hemp derivatives, POTN manages to be a front liner in the legal marijuana industry. Acting as a publicly traded holding company for its subsidiaries, the CBD giant reached US$10 million (AU$14 million) in profits for the first five months of 2018, managing to nearly double what the company generated at the same period last year.
CBD for pets: A growing market
Through MediPets and its other non-supplemental CBD products for pets, Diamond CBD managed to make a strong foothold in this new market that has a relatively high demand. By tapping into it, the company is able to identify the market’s needs and produce high-quality products to fill it. And it came at just the right time.
Last year, a statistical study revealed that American pet owners spent around US$69.36 billion (AU$96.81 billion) on their pets, with nearly US$15 million (AU$21 million) of this amount spent on over-the-counter health and wellness products.
Market research firm Technavio also recently analysed the global pet care industry, forecasting a compound annual growth rate of about 5 percent between 2016 and 2020. The report states that rising pet ownership and consumer spending on natural and organic pet care products are driving that growth. Diamond CBD then took this opportunity and structured itself with it, manufacturing CBD oils and products for both owners and pets.
On March 23, Diamond CBD generated a buzz when it first introduced its subline MediPets at the Global Pet Expo, piquing the interest of over 200 wholesale distributors that might just be willing to carry the brand soon enough. What’s more, MediPets also offers pet retailers a chance to take part in a steadily growing market.
At the same event, POTN CEO Richard Goulding said, “Our new MediPets line is specifically designed to manage a wide variety of symptoms in their pets with reportedly effective, non-toxic, hemp-derived cannabinoids. CBD has shown studies to aide in a spectrum of conditions. We are pleased to be experiencing this level of interest as we expand into this new and growing sector.”
So while the initial question of why we should use CBD products on our pets has already been answered at length, you may still ask, is it really that safe? You wouldn’t simply give weed to your dog to use as a chew toy. Exposure to cannabis and THC can provide negative effects on pets depending on how much they ingest. But CBD, particularly a hemp-derived one, contains no psychoactive effects, and as long as ingested in pet-appropriate doses, your pet will be good for the day. The ratios of cannabinoids to receptors depend on the size of an animal, and Diamond CBD does the math for you with its MediPets products that are formulated to benefit pets of different sizes.
There is still so much left to be done with the CBD industry, especially in the pet subsection. Still, if it’s any indicator, companies putting in just as much effort in the CBD-for-pets industry as they do in its human counterpart is a sign of a greener future. After all, we all just want our pets to live their best lives.
The article is based on press release sent for consideration. This does not serve as endorsement of any product.
