Marijuana Company Of America Inc (OTCMKTS:MCOA) reported the launch of hempSMART™ Full Spectrum Pet Drops made for dogs and cats. Each bottle of this product is made with 250 mg of full spectrum non-psychoactive CBD derived from industrial hemp. This new specially formulated offering contains naturally occurring Cannabidiol derived from hemp seed oil, fractionated coconut oil, full spectrum hemp extract, and a rich bacon flavor.
Donald Steinberg, the CEO of Marijuana Company of America, expressed that their new hempSMART offering is a natural alternative for pet owners who looks after supporting their animals’ health. Their hempSMART offerings will continue to expand to several other prevalent areas of customer interest to give their affiliates what they require to succeed.
In assessing pet supplement trends for last year, Mona Hollums of Watson, Inc. noted that sales of natural pet supplement almost doubled between 2008 and 2014. There has been growing focus on pet health, and hence the industry for pet supplements is estimated to show continuing and significant expansion. Projections demonstrate that the global pet supplement market is projected to grow over 3%-5% annually. Sales are estimated to increase more than 5% between 2016-2020 and will continue to record lucrative investment payouts.
The United States FDA has not recognized Cannabidiol as an effective and safe medication for any indication. Their products containing cannabinoid resulting from industrial hemp are not sold or marketed depending upon assertions that their use is effective and safe treatment for any medicinal condition as dietary supplements or drugs subject to the U.S. FDA’s jurisdiction.
In the last trading session, the stock price of Marijuana Company of America declined 0.83% to close the day at $0.0239. The decline came at a share volume of 7.48 million compared to average share volume of 9.05 million. Post the recent decline, the market cap of firm was noted at $49.39 million.