Pot for Pets: CBD-Infused Pet Products Hit the Market
July 14th, 2015
Policy, Top News
Medical marijuana has been legalized in 23 states and recreational use is permitted in four states and Washington D.C., but humans aren’t the only ones taking advantage of the cannabis plant’s potential to help relieve a wide variety of symptoms.
Biscuits, edibles, and capsules containing non-psychoactive cannabinoid compounds like cannabidiol (“CBD”) are being marketed to owners of ailing and elderly animals as a way to relieve pain and reduce inflammation. Since they do not contain any tetrahydrocannabinol (“THC”), the products don’t produce the “high” associated with marijuana and some human-focused medical and recreational cannabis edibles and others products.
Companies in California, Oregon, and Washington are making these hemp-based products, including publicly traded companies like Peak Pharmaceuticals Inc. [stockquote symbol=PKPH], Greenhouse Solutions Inc. [stockquote symbol=GRSU] and American Green Inc. [stockquote symbol=ERBB]. Since hemp is completely legal to sell in food products, following the infamous HIA v. DEA lawsuit, these companies are free to sell the products without approvals.
While these companies are permitted to sell hemp-based CBD-infused pet products, that doesn’t mean that regulators haven’t taken any action.
The U.S. Food and Drug Administration (“FDA”) took a bite out of the industry in February of 2015 when it issued several warning letters to firms that were “marketing unapproved drugs for the diagnosis, cure, mitigation, treatment, or prevention of diseases”. In addition to the inappropriate marketing messages, the regulatory agency found that many of the samples tested didn’t contain any cannabidiol (“CBD”) at all despite the marketing claims.
Many industry experts compared these warnings to similar warnings issued to nutritional supplement manufacturers back in the 1980s. Prior to that crackdown, many companies were inappropriately marketing their products to treat certain ailments and conditions, despite the lack of clinical data showing any such efficacy. The industry was ultimately forced to include labels on everything saying “these statements have not been evaluated by the FDA”.
Despite these legal hurdles, the market for hemp-based CBD-infused products for pets is unlike to disappear anytime soon. There’s a growing body of research showing that cannabinoids may be able to stimulate appetite, reduce inflammation, and lower pain levels, while the hype surrounding the human cannabis industry has certainly generated some buzz.
The pet industry already generates more than $60 billion per year in expenditures, including $23 billion on food and $15 billion on OTC medicine, according to the American Pet Products Association. Capturing just a fraction of that market could create some big opportunities for investors and entrepreneurs in the space.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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