SAN DIEGO, Nov. 04, 2020 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent leader in hemp derived cannabidiol (CBD) products, today announced the launch of PlusCBD™ Pet, a full line of hemp extracts formulated exclusively for dogs and cats.
Made with the same trusted hemp extracts used in CV Sciences’ best-selling CBD products, PlusCBD™ Pet is available in 250mg and 500mg formats with pet friendly flavors, including beef, chicken, peanut butter and salmon, as well as unflavored. PlusCBD™ Pet will be sold across the Company’s natural and online retail channels, with plans to expand into the pet specialty channel and food, drug and mass retail channel.
The U.S. Pet CBD market grew to over 10 times its 2018 size in 2019, producing $321 million in sales, and is projected to reach $563 million by the end of 2020, according to Brightfield Group. Growth is being driven by pet owners looking for natural alternatives for pets’ medical ailments, including anxiety, pain, or other serious conditions that have not responded well to other treatments, and is expected to make up a $1.7 billion market by the end of 2025, based on Brightfield Group data.
“PlusCBD™ Pet provides us with an exciting opportunity to leverage our brand equity and retail distribution channels to participate in the growing pet CBD market,” said Joseph Dowling, Chief Executive Officer, CV Sciences. “We believe the pet CBD category will continue to grow as more research demonstrates the health benefits of CBD for dogs and cats. Our employees have supplemented their pets with our human PlusCBD™ products for years, now we are pleased to have an opportunity to help all pet parents love their pets with our soothing PlusCBD™ Pet products formulated specifically for animals.”
About CV Sciences, Inc.
CV, or Curriculum Vitae, is Latin for “course of life”, and science is the pursuit of truth. CV Sciences: our name is our mission -- improving quality of life through nature and science.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,200 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.
Scott Van Winkle
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e127ef93-5838-4e15-be0f-a3ef058ea06ePlusCBD™ Pet Product Line Full line of soothing hemp extracts formulated exclusively for dogs and cats