Cannabis Science Inc (OTCMKTS:CBIS) a company focused on the development of cannabis-based medicine and associated consulting disclosed the acquisition of Equi-Pharm LLC, a U.S. based producer and distributor of specialty horse, topical and pet grooming applications. The recent purchase includes an extensive expansion strategy for Equi-Pharm covering “Large Animal” such as sheep, horses, cattle and the like and also “Pets” or “Small Animal” include pet snakes, cats, dogs and the like for cosmetic and medical products.
The management comments
Dana Kennamer, the VP of Equi-Pharm, LLC, said that they are thrilled about the future prospects of Equi-Pharm under the guidance and leadership of Cannabis Science. They have received encouraging response from customers on the restricted sales from five horse related grooming and other health products launched for the Equestrian segment. Kennamer further added that the team is working on the first three new CBD-enriched pet products which will be launched in the pet market within few weeks using existing distribution channels.
Limited exposure
Kennamer stated that Equi-Pharm have a limited exposure across the U.S. utilizing retail outlets and distributors in Tennessee, Louisiana, Ohio, Kentucky, California and just commenced European expansions. The expectations are that the enrichment of existing product line and the development of new formulas under Cannabis Science medical guidance, they see considerable growth year by year. The objective is to push Cannabis Science and Equi-Pharm and lead the competitive race in the pet care industry.
The momentum
Raymond C. Dabney, the CEO of Cannabis Science Inc (OTCMKTS:CBIS), said that the company is excited to venture into the $60 billion industry with the Equi-Pharm team. The new acquisition broadens the reach of company in an expanding industry. In last trading session, the stock price of CBIS declined more than 1% to close the trading session at $0.0300. The decline came at a share volume of 10.17 million compared to average share volume of 4.84 million.
