A bill that would allow Michigan veterinarians to consult with pet owners about products containing CBD oil or THC has now passed both chambers of the Michigan Legislature. House Bill 5085, sponsored by Houghton Republican Rep. Greg Markkanen, would let veterinarians consult with pet owners about the use of marijuana or industrial hemp products for their animals. It passed the Senate unanimously Thursday as part of a flurry of legislation lawmakers are taking up before the current session ends this month.
Sales of CBD pet products have increased rapidly throughout the country, increasing from $8 million in 2017 to $32 million in 2018, according to the Brightfield Group. The firm estimates the CBD pet market could reach $1.16 billion nationwide by 2022. Over the last year, 57% of pet specialty stores were selling CBD products, up from 45% the prior year. The growth comes even as the U.S. Food and Drug Administration – which oversees pet foods and drugs, as well as those for human consumption – has yet to authorize CBD for pets. The FDA’s 2019 review of CBD products included those for pets, though results of the review are still pending.
In March, Petco began selling CBD from Charlotte’s Web and Pet Releaf products at 700 stores in 23 states, the company said in a statement. The pet store chain is selling hemp extract oils, drops, chews and topicals. “As pet parents continue to seek out new ways to care for the overall health and wellness of their pets, the demand for trusted products with naturally occurring CBD for pets has also continued to grow,” Petco said in a statement.
Then in mid-May, competitor PetSmart began selling hemp extract products from Denver-based Mary’s Tails, saying in a news release that the company’s line will be sold at 122 stores in Colorado, Oregon, Indiana, Kentucky and Tennessee – with plans to expand this summer.
As Petco Began Selling CBD from Charlotte’s Web and Pet Releaf products at 700 stores, Link Reservations Inc (OTC: LRSV) on Watch
Link Reservations Inc (OTC: LRSV) is CBD Petcare provider dedicated to improving the health and life conditions of pets worldwide. Developing and marketing hemp-based CBD products for cats, dogs and horses, the Company is currently present in Europe and in the US. A pioneer in the area, Link Reservations Inc products can be found under its brand LinkResPets (www.linkrespet.com).
Pending Acquisition
The Company also recently raised its Authorized Shares in order to issue shares to its CEO, Rene Lauritsen, for an acquisition that is pending which he initiated. These newly issued shares are restricted for one year per Rule 144 and if the acquisition is not completed the shares will be returned to treasury. As shareholders may note, LRSV’s share structure had previously been unchanged for almost four years.
Link Reservations Inc (OTC: LRSV) Connection with Chewy, Inc. (CHWY)
Must See: https://twitter.com/magicmiketrader/status/1341047863040757762?s=20
LRSV is trading at a discount compared to other players. And several upcoming catalysts could catapult shares higher. In our view, a bounce is all but guaranteed. Right now, all of the fear is priced in. That means, Link Reservations Inc (OTC: LRSV) in the short-term, have nowhere to go but up.
