CBD pet company completes financing round in momentum for the segment
Minneapolis-based Kradle has raised $4 million in Series A funding to expand its business.
As CBD for pets continues to boom in the United States, the company believes that this funding will help to support the upcoming expansion of the business.
Kradle has a range of products focused on calming canines through cannabidiol. They contain hemp-derived CBD to reduce anxiety and stress in pets and have recently been introduced in Walmart stores.
According to US legislation, a cannabis plant can be classified as marijuana if it contains more than 0.3% of THC and as hemp if it contains is less than 0.03%.
Companies like Kradle develop products from hemp, which means they are low in THC and do not cause a ‘high’ when given to the animal.
Market research company Brightfield Group forecasts that the U.S. hemp-derived CBD market will reach $5 billion in retail sales this year.
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