Grapefruit Usa, Inc. Expands its Hemp Based CBD Products with a New USDA Certified Organic CBD Pet Tincture
June 14, 2021 at 06:00 am EDT
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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.
Grapefruit USA, Inc. is a fully licensed cannabiotech company. The Company manufactures its product line and distribute it, along with other cannabis products, to all licensed cannabis product businesses. It owns an ethanol extraction facility in the City of Desert Hot Springs, California. It owns and operates a Type 6 Ethanol Extraction Plant which removes the essential cannabis compounds, such as THC Distillate, that the Company, and others use, to produce cannabis products. Grapefruit manufactures its Hourglass Time Release THC+CBD-Infused Topical Cream at its Coachillin' facility. Hourglass is the full spectrum THC+ Cannabinoid Topical delivery Cream that provides its users with a full body, synergistic entourage. Its Topical Cream is designed to deliver the full effects of THC combined with a range of cannabinoids for a user's overall health, wellness, and well-being. In addition, its extraction lab produces distillate or Honey Oil from cannabis trim sourced by Grapefruit.