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its pet products totaled $1.4 million, up 280% from previous year. In Colorado, where cannabis is legal, sales of pet products grew 49% in 2017, compared with only 15% in all other cannabis product categories. The cannabis sector is becoming an increasingly competitive landscape and catering to pets can be a key differentiator.
Socio-economic trends include Humanization (pets are now part of the family, treating pets like people), Premiumization (high end specialty pet products, organic and natural treats and food, and medicine), Health Benefits (Cornell University study that they decrease blood pressure, reduced anxiety, and enhance level of well-being), Demographic (replacing kids with pets… of note, spending typically declines over 55 years of age but pet spending peaks between 55-64), and Economics (pet market didn’t decline significantly during Great Recession).
It used to be
common to have
a dog in its dog
house outside all
day! Now if that
were to happen, I
don’t think your
neighbours would
look at you the
same way!
The Canadian Veterinary Medical Association (“CVMA”) says there has been flurry of cannabis related pet health research as Canada’s laws on recreational cannabis comes nearer. According to a Globe and Mail article published on August 9th, entitled “Cannabis-based Medical Pet Products Closer to Fruition”, there have been many inquiries by people wanting to treat their pets with cannabis products, however there is no legal avenue for vets to prescribe cannabis, and not enough clinical evidence to support it. The Canadian Veterinary Medical Association is hoping that Health Canada will eventually approve some products but clinical trials are the key to getting things closer to this becoming a reality. The CVMA has been advocating for some time that vets should have the same ability to prescribe for pets.
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