- SinglePoint recently launched Phyto-Bites product to help pets – particularly dogs – deal with stress, pain and separation anxiety
- The company anticipates building on its vertical acquisition strategy in 2019 to capitalize on federal hemp legalization
- Market forecasts anticipate U.S. pet industry expenditures, which would include therapeutic products, to more than double within the next few years
Pet owners looking for natural therapies to help their four-legged loved ones through bouts of pain and anxiety are gaining an increasing array of options as the cannabis revolution opens the doors to new product research, including therapeutics for animals. Now, SinglePoint Inc. (OTCQB: SING), a diversified holding company specializing in M&A activity that promotes new technologies, finds itself among a competitive field that’s wild about cannabidiol (CBD) therapeutics for pets as cannabis legalization continues to advance, as noted in a report by Investorideas.com (http://cnw.fm/fkF3E).
SinglePoint subsidiary SingleSeed.com recently launched its Phyto-Bites product as a brand formulated to reduce stress, pain, separation anxiety and inflammation – particularly for dogs. The company is working with manufacturer CBD Unlimited (formerly Endexx) to distribute the product online and in stores across the nation.
“We are very excited to add this to our list of products. The pet market is a tremendous opportunity and we plan to attend and use all our contacts to promote this product at every opportunity we are presented with,” SinglePoint CEO Greg Lambrecht stated in the report.
“We love our pets. Raising pets like they are members of our families means we go the extra mile for them. Especially when it comes time to address their health problems,” the company states in its blog (http://cnw.fm/KlY4d). “More and more pet owners are turning to CBD to help their buddies in similar fashions.”
The Investorideas.com report cites forecasts from the American Pet Products Association and New Frontier Data predicting that U.S. pet industry expenditures will grow from over $72 billion last year to $202.6 billion by 2025, with a five-year CAGR of 57 percent by 2022.
The states’ rights movements of recent years led to a spreading legalization of “medical marijuana” and, in a few cases, recreational drug use, despite federal drug policy outlawing it. The movement was emboldened when a cannabis-based pharmaceutical received federal Food and Drug Administration approval last year, and then Congress passed legislation allowing hemp to be grown commercially in the United States without drug control oversight, even though the FDA continues to require regulatory oversight for CBD use in food products.
“Selling unapproved products with unsubstantiated therapeutic claims is not only a violation of the law, but also can put patients at risk, as these products have not been proven to be safe or effective,” FDA Commissioner Scott Gottlieb stated in a release (http://cnw.fm/O2srn). “At the same time, we recognize the potential opportunities that cannabis or cannabis-derived compounds could offer and acknowledge the significant interest in these possibilities. We’re committed to pursuing an efficient regulatory framework for allowing product developers that meet the requirements under our authorities to lawfully market these types of products.”
SinglePoint is exploring opportunities to produce industrial hemp through joint venture opportunities with agricultural growers. The company has also placed an investment in a program that would grow hemp strains of CBD in a photobioreactor as an initiative to reduce the cost and time involved in making a potentially pharmaceutical-grade product.
“We are excited for these new opportunities in the hemp market and have been preparing the company to be in a position in the event the 2018 Farm Bill passed. Now that it has, it’s a matter of closing on the negotiations we have started,” Lambrecht stated in December (http://cnw.fm/4Yy1w). “I intend and plan for SinglePoint to be a key player in the distribution of hemp products and sourcing the best products we can in the market.”
“2019 will be a banner year for SinglePoint we are equipped with the proper funding, partners and opportunities to be firing on all cylinders,” he added on January 10 (http://cnw.fm/rXO0Y). “We as a team expect to position SingleSeed and SinglePoint as market leads in the CBD market while continuing to enable founders of the companies we have acquired to grow their businesses.”
For more information, visit the company’s website at www.SinglePoint.com
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