VANCOUVER and SAN DIEGO, CA, May 9, 2019 /CNW/ - Phivida Holdings Inc. (CSE:VIDA; OTC:PHVAF) ("Phivida"), a premium producer of CBD/ Active Hemp Extract infused functional beverages and health supplements, is pleased to announce that they intend to introduce a range of hemp-derived CBD pet products. With a strong focus on providing consumers with a healthy alternative to pharmaceuticals, and a fully natural and plant-based health and wellness solution, Phivida's new product line will provide a similar offering to pets.
"Our mission is to provide the highest quality Hemp CBD natural wellness products for our consumers," says Jim Bailey, President and CEO of Phivida. "By expanding into the pet CBD category, our goal is to provide pet owners with the option to support their pets' wellness needs for everything from sleep to stress reduction."
Research conducted by Nielson has estimated that Americans spent $33 billion on pet foods and treats alone in 2017. According to the Brightfield Group, CBD pet product sales increased from $8 million to $32 million in the last two years and is poised to reach $1.16 billion by 2022.
Initially, the new product range will consist of tinctures in three concentrations formulated for small, medium and large pets as well as an oral spray. Pet treats are planned to be introduced to the market as the U.S. Food and Drug Administration clarifies the regulations around edible CBD products.
"Myself and many of our team are pet owners," added Mr. Bailey. "It is very important to all of us that these valued family members have all the support they need to enjoy a high quality of life. The products will be produced to the same high standards as those for human consumption, and we are committed to listening to pet owners and extending the offering to meet their needs."
ABOUT Phivida Holdings Inc.
Phivida Holdings Inc. is headquartered in Vancouver, BC with operations in San Diego, CA. Phivida is a premium functional food and beverage company focused on whole plant nutrition and natural ingredients that help best maintain overall health and balance in the human body. The company infuses active hemp extract/ CBD into a variety of premium beverages and personal care products for everyday health. Phivida embraces and celebrates a return to organic, natural, plant-based foods and beverages, and a focus on holistic health and wellness. The vision is to become the leader in whole-plant solutions by providing holistic remedies for a more natural alternative to pharmaceuticals, and guiding people toward a vibrant, healthy life. For more information, visit phivida.com.
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SOURCE Phivida Holdings Inc.
For further information: Website: www.phivida.com, Toll free +1 (844) 744-6646 (ext. #2), Email [email protected]; Jim Bailey, President and CEO, Phivida Holdings Inc., +1 (844) 744-6646; Investor Relations: Craig MacPhail, NATIONAL Capital Markets, 416-586-1938, [email protected]; Media Relations: Amie Lauder, NATIONAL Capital Markets, 416-586-1943, [email protected]