Phivida Holdings Inc. announced that they intend to introduce a range of hemp-derived CBD pet products. With a strong focus on providing consumers with a healthy alternative to pharmaceuticals, and a fully natural and plant-based health and wellness solution, Phivida's new product line will provide a similar offering to pets. Research conducted by Nielson has estimated that Americans spent $33 billion on pet foods and treats alone in 2017. According to the Brightfield Group, CBD pet product sales increased from $8 million to $32 million in the last two years and is poised to reach $1.16 billion by 2022. Initially, the new product range will consist of tinctures in three concentrations formulated for small, medium and large pets as well as an oral spray. Pet treats are planned to be introduced to the market as the U.S. Food and Drug Administration clarifies the regulations around edible CBD products.