Cannabis and hemp-derived cannabidiol (CBD) has the potential to boost the pet care business, following the first-ever development of new CBD-based products for animals in Thailand, says Bioscience Animal Health Plc (BIS), an animal drug and vaccine provider.
CBD is known for its medical benefits to treat many human ailments, but according to BIS researchers and experts from Kasetsart University, the substance can be also mixed with skincare products or produced as CBD oil for use with animals.
The new products, which were jointly developed by BIS and Kasetsart University, are expected to strengthen the company's position in the pet market, which is growing steadily, said Poramase Kampak, veterinarian and chief operating officer of BIS.
The company is preparing to sell CBD oil as well as bath foam and shampoo mixed with CBD within the fourth quarter of this year.
"We will debut our products under the 'Canna BIS' brand," said BIS chief executive Thanawat Kongcharoensombat.
He believes venturing into the pet business will secure long-term revenue for the company. At present, livestock-related business is the main source of its earnings.
Mr Poramase said it is not difficult for BIS to embark on the pet business because the company already has a network of customers.
The company has good connections with more than 1,000 animal clinics and hospitals nationwide.
Many staff of the company are also veterinarians who know what the hospitals and clinics want, said Mr Poramase.
According to BIS, CBD can reduce inflammation and treat skin diseases, including chronic itch.
The substance also has the potential to treat some cancers in dogs and cats, the company said.
Moreover, CBD can also relieve stress and anxiety among animals.
Mr Poramase said Thai authorities currently do not allow for the import of CBD-based products for animals, so it is a good opportunity to build a Thai brand in this product category.
In the second quarter of this year, BIS racked up 502 million baht in total revenue, a year-on-year increase of 2% from 492 million baht.
However, its net profit decreased to 13.2 million baht, down from 21.5 million baht in the same period last year as it needed to reduce the prices of animal drugs and vaccines, following lower demand.
The situation occurred after the spread of African swine fever which significantly reduced the number of pigs in the country last year.