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Canopy Growth Corp. and Martha Stewart are starting their joint bid to break into the CBD market, betting that curated flavors and her celebrity name will bring the ingredient to a new demographic. Starting Sept. 10, Canopy will offer Martha Stewart-branded gummies in flavors ranging from kumquat to huckleberry, along with soft gels and oil drops, on its website. Later this year, Canopy will add a Stewart-branded line of CBD products for pets, a segment Klein sees reaching as much as $600 million in additional annual sales. So what are the benefits of CBD for pets? Bloomberg Quicktake speaks to a vet in Hong Kong who ran a 2-week trial to study the benefits it can have on dogs. The vet practice is working with a U.S.-based manufacturer to develop custom-CBD blends for pets. Dr. David Gething, of Creature Comforts Veterinary Group says, “80 % of the dogs in the trial showed significant positive benefit in even just a 2-week time frame, which was we thought was really, really validating for what we were doing. The results have been so positive and so beneficial and to be honest with you, have changed the quality of life for some of these patients.” But Dr Gething says it’s not a cure-all. “I think CBD is best used as part of our medical toolkit when we have dogs who have specific problems that we're having trouble treating. And I know in my business, anxiety is very hard to treat, long-term arthritis is difficult to treat, skin problems, inflammatory issues are difficult treat. And all of these things CBD can benefit. CBD will work best as an adjunct to your medical treatment. It’s not a replacement. It's not a cure-all. But it's a brilliant addition. We have just seen such a big benefit with no real downside.” The CBD market has skyrocketed in recent years and the CBD pet market is following suit. Industry researcher, Brightfield Group estimates pet CBD will be worth $1.7 billion by the end of 2025. Creature Comforts CBD's Molly Leis-Cornelius says Hong Kong is a progressive market. “We are putting a tremendous amount of research and development into this product to make sure that we are bringing the first of its kind to the Hong Kong market. We do have plans for expansion in APAC. We're looking at different markets as they plan to open. Hong Kong is really progressive in being one of the first markets to understand the importance and benefits of the CBD wellness supplement.” Dr Gething adds, “There are products out there that are just sort of randomly formulated as being CBD for your dog or CBD for your cat with no real scientific validation or formulation or methodology behind it. And that's I guess that's what I want to bring to it, is something which was much more targeted for specific conditions.” Rachel Adams’ two dogs were part of the trial and CBD helped her dog Russell overcome a behavioral problem. “He would drink excessive amounts of water, 3 liters actually a day, which is crazy, and we ruled out all medical issues. Taking the CBD, he just drank like a normal dog, which in turn stopped him weeing a lot in the house, which was an issue. And he just was all around a lot less anxious. The change has been huge. It was like night and day. It was incredible.” “I’ve found that CBD supplements are a simple way to enhance my own health and wellness, especially when it comes to managing the stresses of daily life,” Stewart said in a statement. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake
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