Is Medical Cannabis For Animals The Next Big Thing?
When most people think of medical cannabis, they think of how it pertains to suffering human patients, and rightfully so. Medical cannabis has helped countless human patients as a growing body of scientific research and patient testimonials demonstrates.
However, the benefits of medical cannabis are not limited only to humans. Many household pets and livestock can also benefit from the wellness properties contained within the cannabis plant and medical products derived from it.
More governments around the world are recognizing this fact and modernizing their cannabis policies and regulations to reflect it. For example, back in late 2019 Malta’s Minister for the Economy announced plans to permit the production of medical cannabis for veterinarian use.
Late last year, Brazil’s National Health Surveillance Agency decided to amend Ordinance SVS/MS 344/1998 to allow the regulation of medical cannabis products for animals by the Ministry of Agriculture and Livestock. Other examples of similar policy modernization can be found elsewhere around the globe.
Medical cannabis for animals is an underrated sector of the emerging legal cannabis industry and possesses tremendous profit potential for innovative entrepreneurs and savvy cannabis industry investors.
Industry analysts at Research and Markets recently projected that the CBD pet market size alone is expected to reach $1.72 billion by 2030 and increase at a compound annual growth rate of 32.47% between now and then. This of course does not take into account other cannabinoids and non-pet animals like farm livestock.
Researchers estimate that there are over 900 million pet dogs globally, and another 370 million pet cats. In the United States alone pet owners spend an estimated $136 billion on pet products annually. Add to the mix tens of billions of cattle, sheep, goats, chickens, pigs, and other livestock around the world, and the potential market for medical cannabis wellness products for animals is off the charts.
The medical cannabis for animals sector is very young and has hurdles to overcome to be sure, not the least of which is the need for more research. Determining which cannabinoids and in which specific doses for each animal type and size is no small feat.
With that being said, individuals and entities who can figure it out safely and reliably are sure to reap considerable financial rewards in the future. Medical cannabis for animals is virtually guaranteed to be the next big thing. It is not a question of if, but rather, a question of when.
