CBD Oil

A Game-changer for Pet Medicine

PALM BEACH, Florida, April 3, 2018 /PRNewswire/ --

Marketnewsupdates.com News Commentary 

Cannabis not only has a profound healing effect on humans, but also on animals. Pet owners across Canada are using cannabinoid (CBD) oil products on their adored pets for a range of health issues. In 2016, pet owners in the U.S. alone spent more than $30 billion on treatments, according to the American Pet Products Association. Once legalization becomes a reality this year, the true potential of the Canadian cannabis industry will be unleashed, thanks to a big demand boost from the estimated $10.2 billion pet medicine market in the U.S. Companies that could provide pet owners with high-quality CBD oil products include Aphria Inc. (OTC: APHQF) (TSX: APH), Canopy Growth Corp. (OTC: TWMJF) (TSX: WEED), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH), Cannabis Wheaton Income Corp. (OTC: CBWTF) (TSX-V: CBW) and RavenQuest BioMed Inc. (CSE: RQB).

Global News reported that using pot products in pet treats is gaining so much popularity that they're "flying off the shelves" at one dispensary in Toronto. A big reason for that is consumers are beginning to recognize the health benefits of CBD, an active constituent in cannabis plants completely different from tetrahydrocannabinol (THC), the psychoactive component, so they could not get "high" as a side effect. It is also convenient that CBD oil extracts used on pets could be both applied externally on the skin or ingested internally with food. Importantly, these animals have, in general, responded well to CBD treatment.

CBD is legal in Canada as long as the THC content is below 0.3% dry weight. Within the USA, CBD is currently illegal only in four states - Idaho, Nebraska, South Dakota and Kansas (some states require a prescription to gain access).

One company specifically looking at this area and improve its CBD yield is RavenQuest BioMed Inc. (CSE:RQB), which has its operations set in both Alberta and Ontario, two of the most dynamic markets nationwide.

A $22.6 Billion Dollar Industry Could Get Even Bigger 

Deloitte estimates that the Canadian ancillary cannabis industry could be valued at $22.6 billion annually, and this is just for human consumption. The market for CBD specifically is also projected to grow 700% a year by 2020, according to Forbes. Imagine once legalization materializes, there is every chance pet owners countrywide could allocate the $10.2 billion they will spend this year on pet medicines toward CBD oil products designed just for animals.