On February 1, the New York Post reported that many pet owners were opting for medical cannabis products and over-the-counter CBD products to treat pain, inflammation, and seizures in their pets. Since the legalization of hemp, the demand for hemp products has increased. Brightfield Group expects the US pet CBD market to rise over ten times to reach $563 million in 2019.
The Trump administration legalized hemp in December 2018, which facilitated cultivation and research. Hemp is a type of cannabis that contains less THC and more CBD. CBD helps treat various medical conditions. However, the FDA hasn’t approved any of the CBD products except Epidiolex.
Growth prospects for CBD products
As reported by the New York Post article, cannabis companies developed most of the CBD products for dogs. Now, the companies are expanding the products for other pets like cats, birds, and horses. The products include tinctures, treats, capsules, topicals, mixing powders, and shampoos. Dr. Zac Pilossoph, who serves as the chief medical officer for Consultants, added that there was less research on veterinary cannabis due to legal restrictions. He said that clinical research and pet owners’ feedback has been positive.
However, veterinarians who prescribe hemp or other cannabis-derived products could face legal issues for violating the American Veterinary Medical Association’s guidelines.
Key players in the US
Last month, Collin Peterson, the chairman of the House Agriculture Committee, introduced a bill that allows marketing hemp-derived cannabis under dietary supplements. The bill could boost CBD businesses in the US. Despite the positive news, Charlotte’s Web Holdings (OTCMKTS:CWBHF) has lost 3.5% of its stock value this year as of January 31. The company is one of the prominent players in the US. Last year, the company fell by 20.6%. Read Is Charlotte’s Web Still a Good Buy? to learn more.
In December 2019, Canopy Growth (NYSE:CGC) introduced its CBD products under the First & Free brand. Read What’s Canopy Growth’s First & Free Brand About? to learn more. In September, Cronos Group (NASDAQ:CRON) acquired four subsidiaries of Redwood Holding Group to expand its CBD business. Aurora Cannabis (NYSE:ACB) has been conducting a clinical research program with UFC to develop hemp-derived CBD products to treat various ailments.