Canadian canine cannabis biz seeks to expand into CBD, with eye on humans too

Published: Nov 30, 2017, 12:16 pm • Updated: Nov 30, 2017, 5:00 pm

By Jen Skerritt, Bloomberg

Turns out, this bud isn’t just for you.

True Leaf Medicine International Ltd., a small Canadian company operating in the country’s fast-emerging marijuana industry, plans to sell dog chews containing cannabis extracts.

True Leaf already makes hemp-seed infused products for dogs to ease joint pain, anxiety and inflammation. It intends to raise C$10 million ($7.8 million) through an equity crowdfunding in the U.S. to build a marijuana production facility in British Columbia, eventually allowing it to extract cannabidiol (CBD) — a cannabis compound without psychoactive properties — to treat medical conditions in both humans and animals.

“People are spending more money to look after their pets, specifically as they get older,” Chief Executive Officer Darcy Bomford said in a telephone interview from Vernon, British Columbia. “A lot of the drugs that are available in the veterinary market are effective and they work but they also have a lot of side effects. There’s a big market there for natural products.”

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True Leaf introduced its hemp-based pet products in 2015 and now sells chews and oils in 1,600 North American stores and more than 300 locations across Europe. Natural supplements for pets are becoming more popular and the global market may be as large as $1.6 billion, Bomford estimates.

The hope is that CBD may eventually be used to help older dogs, whether they’re having trouble jumping in the car or are struggling with long walks, Bomford said.

“We’re really focused on making their quality of life as good as possible,” Bomford said. “We’re trying to return the love we get from our pets.”

True Leaf’s shares rose 2.4 percent at 11:06 a.m. in New York. They have quadrupled this year, giving the company a market capitalization of C$59.9 million ($46.5 million).

Learn more about CBD in this Cannabist special series:

Part I – Forbidden medicine: Caught between a doctor’s CBD advice and federal laws

Part II – How advocates are inspiring congressional action on CBD legalization

Part III – With DEA digging in its heels on “marijuana extracts,” legality of CBD oil on trial in federal courts

Part IV – CBD research is going to the dogs in quest to legitimize pet products

Part V – CBD on the international stage: WHO committee delving into science, control status of cannabis compound

Part VI – Race for CBD medication breakthrough: Is pharma firm’s boon the hemp industry’s doom?

Topics: Canada, cannabidiol, Cannabidiol extraction, cbd, dogs, edibles, pets