Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) and its wholly owned subsidiary Canopy Health Innovations Inc. has announced this morning that they been approved by the Veterinary Drug Directorate of Health Canada to research the effectiveness of the non-psychoactive cannabinoid cannabidiol (“CBD”) to treat anxiety in pets.
Numerous studies has been released over the past few years in relation to CBD’s effectiveness to reduce anxiety in humans and animals. Canopy Animal Health, a company under the umbrella of Canopy Growth, will be in charge of the study. The company focuses on the R&D of safe and effective products that utilizes natural cannabinoid extracts to improve the health of dogs, cats, and horses.
By conducting this research with approval from the Veterinary Drug Directorate of Health Canada, Canopy Growth will be positioning itself to launch a series of animal based pharmaceutical grade products to consumers. According to market researcher Packaged Facts, retail sales for pet supplements and nutraceutical treats in the U.S. continued to grow throughout 2017, to $1.6 billion.
The product formulations being developed by the company for the trials will be manufactured in Canopy Growth Corps. GMP-certified production facility in Smiths Falls, Ontario. Marc Wayne, Managing Director, Canopy Health Innovations gave this statement in the press release:
“Our passion to create safe and effective products for animals is driven by the love we share for our pets. The use of natural-occurring cannabinoids as a therapy for companion animals is a logical new forefront of medical discovery and the research we are working on at CAH is world leading. These trial approvals mark a significant milestone on the journey of making cannabis-based drugs accepted and recommended by veterinarians.”