One of the ripple effects of the COVID pandemic is related to a surge in the number of people who own a pet. In early days of the pandemic, media outlets were reporting that animal shelters are empty as people purchased pets to keep them company or to provide entertainment and joy.
Pet related stocks have benefited from the pandemic as new owners purchase vaccines, toys, food, and beds for their furry friends. Another interesting trend is related to an increase in the amount cannabidiol (CBD) pet treats that are being purchased by owners and this is a trend that caught our attention.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is a leading global cannabis company and has been focused on the CBD pet industry. In 2019, the company hired Martha Stewart as an advisor to help develop product lines and generate consumer awareness.
Last week, Canopy Growth reported a milestone and launched Martha Stewart CBD for Pet. The product line consists of scientifically backed CBD wellness solutions for canines and we are favorable on the launch of the product. The product portfolio includes oil drops and soft-baked chews that are designed to support pet mental and physical well-being, reduce the effects of everyday stress, and maintain joint health and mobility.
Martha Stewart attributed to the successful launch to the help that she received from scientists and veterinarians at Canopy Animal Health. When the partnership with Martha Stewart was initially announced, we were favorable on the opportunity due to the resources that Canopy Growth could provide, and the launch of the product is a testament to this.
The portfolio of wellness supplements is specially formulated to deliver functional products with carefully controlled amounts of CBD content. All Martha Stewart CBD for Pet products carry the NASC quality seal, denoting strict adherence to manufacturing, labeling, testing, and marketing guidelines. We are favorable on the quality that is associated with the brand and the amount of research that was conducted to develop and launch the product line.
We are favorable on the amount of value that can be generated between Canopy Growth and Martha Stewart. She has also partnered with Canopy Growth to launch a line of premium, hemp-derived supplements for human wellness. We believe the launch of the pet CBD product line is just the start of something significant and will monitor how the relationship advances from here. We expect to see strong consumer demand for the product line and will monitor how it gains traction.
Published at Mon, 01 Feb 2021 12:32:48 +0000