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Pot-based products, especially gummy bears, brownies and drinks,
were the biggest beneficiaries of a demand windfall for weed
companies last year, as COVID-19-related stay-at-home orders
limited people's entertainment options and raised stress.
Canopy and Stewart now eye dominating the market for cannabidiol
(CBD) based pet products, estimated to reach worth C$460 million
in annual sales by 2023, nearly triple of this year's forecast
of C$170 million by BDS Analytics.
CBD, a non-psychoactive compound derived mainly from hemp, is
being researched for various medical applications and is widely
advertised to have relaxing properties.
A Canopy Growth spokesperson told Reuters its e-commerce site
Shop Canopy has had a record-breaking week, with traffic up in
triple-digit percentage since Martha Stewart's CBD-infused pet
products were launched on the platform on Jan 26.
Canopy's line of treats for dogs, SurityPro, will include soft
chews marketed under four different categories — calm, active,
multi and healthy aging. The line also includes oil drops in
chicken, bacon and peanut butter flavors as well as unflavored
drops.
Flavors in the SurityPro range of products will be different
from Stewart's line.
Canopy claims the products help make dogs calmer, improve joint
health and flexibility, healthy aging, and enhance physical and
mental well-being. The products will be available on Canopy's
e-commerce website and at Direct CBD Online.
(Reporting by Arunima Kumar and Shariq Khan in Bengaluru;
editing by Uttaresh.V)
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