Pet cannabis industry is a lucrative opportunity for businesses

In New Mexico, there has been a petition filed which seeks to authorize medical marijuana for dogs with epilepsy.

According to CNBC, Nielsen estimated that Americans spend over $33B on pet treats and food in 2018.

It’s predicted that spend on pets will continue to grow 2.8% YoY compounded annually.

According to theĀ American Pets Products Association (or APPA), US spending on the pet industry was around $72.56 billion in 2018. Of this amount, food and supplies/OTC (over-the-counter) medicine sales comprised $30.32 billion and $16.01 billion, respectively. Veterinary care spending was $18.11 billion. Spending on live animal purchases and other services was $2.01 billion and $6.11 billion, respectively. APPA expects US spending to increase to $75.38 billion this year, where spending on food, vet care, and supplies/OTC medicine will account for $31.68 billion, $18.98 billion, and $16.44 billion, respectively. APPA also estimates 2019 spending on live animal purchases and other services will be $1.97 billion and $6.31 billion, respectively.

39% of dog owners and 34% of cat owners apparently want to use CBD for pets. 11% and 8%, respectively, have already used CBD products for their pets!

Read more on here to see the growth and opportunity in the pet cannabis industry:

Rapid Funders provides working capital loans for veterinarians and other pet focused businesses that provide cannabis products. If you or your business is in need of a loan, reach out to Rapid Funders today.