Tenacious Labs has branched out into animal health with the acquisition of Rover’s Wellness, which makes CBD-infused oils, skin salves and treats for dogs, cats and horses.
CBD, the non-psychoactive element of cannabis, is added to aid joint flexibility and mobility, ease anxiety, and promote long-term health in animals.
The company uses a transparent seed-to-sale approach to demonstrate the purity of the product devoid of THC, which can be harmful to animals.
Tennessee-based Rover’s Wellness was founded by RaChelle Baca-Lobre in 2018 after her own pet was diagnosed with cancer.
As part of the deal, she will join Tenacious as global director of sales – pet division and CPG wholesale and private label.
“This acquisition will enable us to kick-start our pet care division while combining RaChelle’s expertise and Tenacious Labs’ high-quality manufacturing capabilities to significantly scale up Rover’s Wellness,” said Tenacious chief executive, Nicholas Morland.
Since launching 12 months ago, Tenacious, a specialist in consumer products containing emerging plant-based ingredients, including CBD and psilocybin, completed three deals and has expanded to employ 35 people as it looks to scale up.
The latest transaction taps into the new and fast-growing CBD pet market, which is expected to generate annual revenues of US$424.4mln, according to the industry monitoring group Prohibition Partners.
Financial details of the Rover's Wellness acquisition were not disclosed.