Tenacious Labs branched out into animal health with the acquisition of Rover’s Wellness, which makes CBD-infused oils, skin ointments and treats for dogs, cats and horses.
CBD, the non-psychoactive element of cannabis, is added to support joint flexibility and mobility, relieve anxiety, and support long-term animal health.
The company uses a transparent seed-to-sale approach to demonstrate the purity of the product free of THC, which can be harmful to animals.
Tennessee-based Rover’s Wellness was founded by RaChelle Baca-Lobre in 2018 after her own pet was diagnosed with cancer.
As part of the agreement, she will join Tenacious as Global Director of Sales – Companion Animal Division and Wholesale CPG and Private Label.
“This acquisition will allow us to launch our pet care division while combining the expertise of RaChelle and the high-quality manufacturing capabilities of Tenacious Labs to significantly expand Rover’s wellness,” said Nicholas Morland, CEO of Tenacious.
Since launching 12 months ago, Tenacious, a specialist in consumer products containing emerging plant-based ingredients including CBD and psilocybin, has closed three deals and grown to employ 35 people as it seeks to develop.
The latest transaction taps into the fast-growing new market for CBD pets, which is expected to generate annual revenue of $424.4 million, according to industry watchdog group Prohibition Partners.
Financial details of Rover’s Wellness acquisition were not disclosed.