International consumer products group Tenacious Labs has acquired Rover’s Wellness, a Tennessee-based company that creates organically-grown hemp oil products for pets.
Rover’s Wellness products are formulated to help support joint flexibility and mobility, and to ease joint stiffness due to daily exercise and activity, as well as supporting pets in coping with external stresses and promoting long-term health, the company states. The brand uses only true, broad-spectrum hemp oil with naturally-occurring Cannabidiol (CBD), which allows all beneficial terpenes and cannabinoids to work together without the psychoactive (THC) elements of hemp, it maintains.
Tenacious Labs describes itself as a champion of emerging plant-based ingredients, including CBD and psilocybin, and the acquisition marks the group’s first entry into the pet care market.
Nicholas Morland, chief executive officer and co-founder of Tenacious Labs, said: “We’re delighted to welcome Rover’s Wellness to Tenacious Labs. Since launching in 2018, the brand has grown rapidly, launching genuinely market-leading products which have been well received by customers across the US.
“Looking ahead, we’re excited at the growth opportunities for both Rover’s Wellness and Tenacious Labs’ broader pet care division. The CBD pet space is a rapidly accelerating sector with many, many brands vying for visibility. As part of our investment in Rover’s Wellness, we are conducting a comprehensive review of the brand image and values, to ensure that we continue to deliver excellent quality, innovative products that fit the needs of pet parents and their pets.”
According to Prohibition Partners, global sales of CBD pet care products are expected to reach US$424.4m by 2024, representing a compound annual growth rate of 18.6%.
