Grapefruit USA, Inc. (‘GPFT,’ ‘Grapefruit’ or the ‘Company’) announced that it is expanding its hemp-based cannabidiol (‘CBD’) product line with a new U.S. Department of Agriculture (‘USDA’) certified CBD pet tincture targeting two of the most common dog and cat ailments – anxiety and joint pain. Grapefruit’s new Pet 300 mg CBD hemp-based tincture is derived from USDA Certified Organic hemp, grown only in the United States. The pet CBD industry has experienced significant growth over the last several years, with an expected market valuation of over $1.7 billion by 2025, according to the Brightfield Group. Overall pet ownership is also increasing, due partly to the pandemic, with more than half of U.S. households having a pet dog or cat and 64% of CBD consumers are specifically buying CBD products for their pets because of the holistic benefits they provide.   The global CBD pet market size was valued at USD 27.7 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 40.3% from 2020 to 2027. The perceived benefits of cannabis, high awareness among pet owners, and consumers’ preference for natural pet supplements have led to an upsurge in the growth of this market.