Cannabis group Tenacious Labs acquires CBD pet supplier
Tenacious Labs’ takeover of American Rover’s Wellness is considered an important milestone in expanding its portfolio in the pet industry.
The acquisition by London-based Tenacious Labs is part of its strategy to become a leading global consumer products group. It aims to diversify its portfolio with a brand committed to developing “top quality and highly beneficial products that help pets live their best lives.”
“Since launching in 2018, Rover’s Wellness has grown rapidly, launching genuinely market-leading products which have been well received by customers across the US,” said co-founder Nicholas Morland.
Morland believes the CBD pet space is a “rapidly accelerating sector,” with many brands vying for visibility. He confirmed they are reviewing the brand to ensure the delivery of “excellent quality and innovative products that fit the needs of pet parents and their pets.”
Tenacious Labs owns various plant-based brands, including CBD. At the same time, it aims to bring “clarity, understanding, and an unwavering trust to the benefits these natural ingredients provide.”
Rover’s Wellness products consist of extracted hemp CBD oil and aim to promote “long-term health in pets,” helping them with stress, joint flexibility, and easing stiffness due to daily exercise.
According to Prohibition Partners, global sales of CBD pet care products are expected to reach $424.4 million by 2024, representing a compound annual growth rate of 18.6%.