(Reuters) - Lifestyle guru Martha Stewart on Tuesday launched a line of cannabis-infused oil drops and soft-baked chews for dogs, months after the successful release of her cannabidiol (CBD) gummie treats for humans hit shelves in the United States.
Stewart is banking on a nearly one-year partnership with Canada's Canopy Growth (NASDAQ:CGC) Corp, the world's top pot producer by market value, and now wants to reach pet owners and tap into a meteoric rise in demand for pot-based products.
Last year, stay at home orders to stem the spread of COVID-19 limited people's entertainment options and fueled stress and anxiety. Cannabis-infused edibles, like gummies and chocolates, and beverages were among the most highly-sought cannabis products.
CBD, a non-psychoactive compound derived mainly from hemp, is being researched for various medical applications and is widely advertised to have relaxing properties.
Stewart wants to bring those benefits to dogs with CBD oil drops and soft-baked chews, which she claims can help with mental and physical well-being, reduce stress and maintain joint health and movement.
"My dogs are not only my companions, but they are part of my family, and I prioritize their emotional and physical well-being as I do my own," Stewart said in a statement.
"Just as CBD can support human wellness, it's been shown to improve the quality of life for pets as well," she added.
Stewart's line will include soft chews marketed under three different categories - wellness, calm and mobility - ranging between $19.99 and $22.99 depending on the formula and size of the dog.
The products will be available starting Tuesday on Canopy's e-commerce websites and on Franchise Group (NASDAQ:FRG) Inc's The Vitamin Shoppe website next month.
The market for pet CBD products is expected to reach sales of about $400 million in 2027 from just $37.4 million last year, according to a report released by Grand View Research Inc in August.