CHARLOTTE – cbdMD, Inc., a seller of cannabidiol (CBD) products, says its pet products brand, Paw CBD, had a record quarter of net sales.
Paw CBD is the pet division of cbdMD, which includes veterinarian-formulated products like chews and topicals in varying strengths and formulas.
For the quarter ending Sept. 30, the anticipates net sales between $1.6 million and $1.65 million, representing quarter-over-quarter growth of between 30 and 34 percent from the $1.23 million in net sales in the prior quarter ending June 30.
The company projects total net sales for the Paw CBD brand to reach approximately $6 million for the calendar year of 2020.
“Based on an article published on October 12, 2020 by Hemp Industry Daily, which used data provided by market analytics firm Nielsen Global Connect, estimated the hemp-derived CBD market for pets will total $40 million to $60 million in 2020. Therefore, based on these estimates, we expect Paw CBD will represent an approximate 10% to 15% market share in the pet U.S. CBD market in calendar 2020. This is an incredible achievement considering Paw CBD was launched less than one year ago,” co-CEO Martin Sumichrast said in a statement.
The full release can be found here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.
