Cannabis Therapy Corp. (OTC: CTCO), a development stage company that aims to become a leader in the research, development, and commercialization of safe, all-natural, ultra-low THC, cannabinoid-based medicinal therapies and supplements, recently announced additional information regarding its Canna-Pet™ product mix and upcoming marketing plans regarding its exclusive worldwide licensing agreement.
“The ‘natural health’ sub-segment of the animal health sector appears to be the fastest growing specialty area in the industry today,” said Cannabis Therapy Corp. President & CEO Soren Mogelsvang. “We aim to move quickly to position Canna-Pet™ into a leading, trusted brand based on outstanding science, rigorous quality assurance, and a commitment to proven pharmaceutical industry … standards.”
Canna-Pet™ products are available over-the-counter without the need for a prescription or authorization. In addition to capsule forms, the company introduced Canna-Biscuits™ treats for dogs in April and aims to make Canna-Pet MAX CBD available as a nutraceutical additive for pet foods in late 2014. The firm has produced over 10 million capsules helping over one million pets worldwide.
Cannabis Therapy Corp. has begun the development of a marketing plan targeting key market segments to boost the current monthly revenue generated by the sales of Canna-Pet™ products. While the products are currently sold exclusively through online, web-based venues and referrals, management plans to reach out to both veterinarians and consumers through new initiatives in the future.
Management believes there is an enormous opportunity within the space, given that U.S. consumers will spend an estimated $58.51 billion on their pets in 2014, according to the American Pet Products Association. Of that amount, approximately $22.62 billion in spent on food, $13.72 billion is spent on supplies and OTC medicine, and $15.25 billion is spent on veterinarian care.
“The opportunity to develop this operating arm of Cannabis Therapy Corp. is exciting and fast-moving,” added Mr. Mogelsvang. “We look forward to a very busy year ahead as we continue to build value through the development of both human and animal health therapies in our growing company.”
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