(Reuters) – Canopy Growth Corp rolled out a new line of cannabis-infused soft chews and drops for dogs on Thursday, a week after the launch of similar products from partner and lifestyle guru Martha Stewart that recorded robust sales.
Weed companies such as Canopy, the world’s largest pot producer, benefited from demand for pot-based products that became hugely popular last year when COVID-19-related lockdowns limited people’s entertainment options and raised stress.
Canopy is now looking to tap 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 a calming effect.
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 Stewart’s CBD-infused pet products were launched on the platform on Jan. 26.
Canopy’s line of chews for dogs, SurityPro, will include soft chews marketed under four different categories — calm, active, multi and healthy aging. The line will also include oil drops in chicken, bacon and peanut butter flavors as well as unflavored drops.
Canopy claims the products help make dogs calmer, improve joint health and flexibility, induce healthy aging, and enhance physical and mental well-being.
Flavors in the SurityPro range of products will be different from Stewart’s line and the products will be available on Canopy’s e-commerce website and at Direct CBD Online.
Canopy said it was in conversation with a number of multi-chain stores and e-retailers interested in carrying its pet products, launched through its division Canopy Animal Health products, and expects to announce retail partners soon.
Shares of the company were down 2.1% at C$56.20.
(Reporting by Arunima Kumar and Shariq Khan in Bengaluru; editing by Uttaresh.V and Shinjini Ganguli)
