Cannabis stocks had a challenging year in 2019, but signs are emerging that a change of fortunes is in store for the sector and several listed cannabis companies already look to be turning the corner.
Over the longer term, there’s little doubt that the sector is primed for massive growth as legalization continues to expand across the globe, the benefits of cannabis and hemp receive greater recognition, and market acceptance improves.
One market segment, in particular, is primed for significant growth — animal health. This is a market that was worth US$70 billion in 2019 and is projected to be among the fastest-growing Cannabidiol (CBD) sectors. The global veterinary CBD market is predicted to grow at a 123% annual rate (CAGR) in the years 2019 to 2025, says the latest Market Research Future report.
The massive size of this market and its anticipated growth can be attributed to the “the rising global trend of the ‘humanization’ of pets,” according to Dr. Miri Halperin Wernli.
Dr. Halperin Wernli is the CEO and co-founder of Creso Pharma, an ASX listed medicinal cannabis company that develops and commercializes cannabis and hemp-derived therapeutic, nutraceutical, and lifestyle products for human and animal health.
Creso has commercialized anibidiol Regular and anibidiol Plus for small, medium-sized, and large pets to help reduce stress and aid in the functioning of the animals’ nervous systems.
Pet owners report that the product has also contributed to the management of pain and improved the vitality of their pets after just one week of use in addition to normal feed. The product does not get the dogs ‘high’ as it is non-psychoactive and there is no chance of overdose.
The products are produced in Switzerland and commercialized in collaboration with Virbac S.A. in more than ten European countries.
In a milestone achievement, the company has now sold over three million doses of its anibidiol product since the product was launched in late 2017, while global sales of the product grew by approximately 700% in 2019. These three million portion sachets of anibidiol® granules have benefited over 100,000 dogs in less than two years since the product launched.
The impressive sales figures in Europe are paving the way for launches into additional countries on other continents including North and Latin America, where a growing need for natural complementary feed to help mitigate stress and improve the wellbeing of pets has been observed.
Furthermore, Creso Pharma has successfully developed three additional hemp-derived products to improve the wellbeing of pets. These are slated for launch later this year.
Responding to strong demand from veterinarians and pet owners, Creso, together with Virbac Switzerland, has also launched its new anibidiol Oil 500 product — a lifecycle management enhancement for the anibidiol range. Initially, the product will be marketed in Switzerland, with other national markets being added throughout 2020.