The leading U.S. based developer of cannabis-based medicines, Cannabis Science Inc (OTCMKTS:CBIS), has decided to buy Equi-Pharm LLC to enter Pet Care Industry. Equi-Pharm is a leading manufacturing and distributing company of specialty horse and pet grooming applications. Cannabis Science stocks decreased 0.98% on Friday and ended at $0.02941.
The acquisition seems to be a win-win situation for both Cannabis Science and Equi-Pharm. Cannabis Science gets access to $60 billion pet care industry with the help of this acquisition, while Equi-Pharm gets a chance to expand its reach in the market. This acquisition will enable Equi-Pharm to produce cosmetic and medical products for large animals like cattle, horse and sheep.
The management of Equi-Pharm is delighted to enter into this partnership deal. According to Dana Kennamer, Vice President, Equi-Pharm, it’s a great opportunity for the company to explore its potential under the solid leadership and guidance of Cannabis Science. The initial response from all the stakeholders is fabulous. The company has witnessed amazing response in the market concerning sales of five horse related medical and grooming products.
The company is working on the development of three cannabinoid-enriched pet products, which will be available in the market within a few weeks time. The sales is expected to touch new heights once these products hit the market.
Just like Equi-Pharm, the management of Cannabis Science is also excited about this deal. According to Mr. Raymond C. Dabney, CEO& President and Co-Founder, Cannabis Science Inc (OTCMKTS:CBIS), this deal has given Cannabis Science an opportunity to enter $60 billion market. With the help of this acquisition deal, Cannabis Science will not only be able to broaden its reach, but customer base as well. Pet Care industry is growing very fast at the moment; hence, Cannabis Science can easily explore the prevailing opportunities and be a part of this winning race.