Cannabis products are starting to enter the house pet scene as owners are use CBD products to treat epilepsy and anxiety in their pets. Despite the potential medical treatment that cannabis can offer, PetSmart pet product online retailer Chewy, refuse to jump on the bandwagon of marijuana.
Sumit Singh, Chewy CEO, states that his company will not consider CBD products as long its legalization remains uncertain. Singh reveals that Chewy, which is on its way to launch the market debut, is focusing on expanding the variety of pet products for shipping. However, cannabis products for animal or human consumption remain without approval from the Food and Drug Administration. There is also little research and study on the substance’s effect on pets, which makes it difficult for Chewy to find out if the drug is beneficial or rather harmful to animals.
Despite the FDA’s hesitant decision on CBD pet products, the sales for it made a jump to $32 million in 2018, which is quadruple the amount from the previous year. Cannabis research firm Brightfield Group also estimates that the figure will skyrocket to about $1.16 billion by 2022 in the US.
Mainstream retailers like Walgreens and Kroger are already trying to experiment with the selling of CBD products. Because there is no approval for consumption yet, the retailers are promoting topical products like oils and creams containing the compound.
Meanwhile, Chewy continues to do well without the help of cannabis as its fiscal 2018 sales grow to $3.5 billion. However, Chewy has yet to turn over a profit, which may provide a way for it to turn to CBD products for help.