Pet Releaf Reports Year-Over-Year Revenue Increase
Pet Releaf saw significant growth in 2019, according to company officials, who pointed to the increased interest in cannabidiol (CBD) pet products, expanded product lines and market demand for high quality products.
“This has been a breakout year for the CBD pet industry as a whole and specifically for our company as we continue on our mission to change what healthy means for pets,” said Steve Smith, co-founder and president of Pet Releaf, which is headquartered in Littleton, Colo. “We believe we have a moral obligation to educate as many pet parents as possible on the benefits of CBD. This year, we expect to see mass adoption of CBD pet products and anticipate a 30 percent increase in revenue in the first quarter of 2020.”
Among the company’s milestones in 2019, as reported by company officials:
- Expansion – Pet Releaf products are now available in more than 6,000 retailers nationwide, a 50 percent increase over the previous year.
- Company growth – Year-over-year revenue has increased by more than 33 percent. The staff has grown more than 50 percent over the past year, office space tripled and in early 2020, Pet Releaf moved into a new, 25,000-square-foot state-of-the-art manufacturing facility.
- Product line – Pet Releaf doubled the number of SKUs in the company’s product line, now offering more than 30 SKUs for dogs and cats.
- Market leadership – According to Chicago-based market research firm Brightfield Group, Pet Releaf products accounted for about 65 percent of the market’s retail pet CBD sales.
- Third-Party validation – Pet Releaf is the first “pet only” CBD company to achieve the U.S. Hemp Authority (USHA) Certification, as well as the only CBD pet company that sits on the board of directors of the U.S. Hemp Roundtable. Smith was recently nominated to the executive committee of the U.S. Hemp Roundtable and named an honorary board member of the Hemp Industries Association.
- Industry accolades – The company won several 2019 awards for excellence in product quality, including the Pet Product News Editors’ Choice Award, Pet Insight’s Vanguard and Category Captain Awards, Pet Guide’s Best CBD Oil for Dogs Award, and others.
- Philanthropy – Pet Releaf works with more than 30 animal shelters and nonprofit organizations worldwide to support daily struggles or natural disasters. As part of this effort, Pet Releaf was awarded exclusive rights to the iconic Keith Haring Barking Dog imagery. The company launched its special edition Barking Dog collection of Edibites, an all-natural, full-spectrum daily CBD supplement that benefits the Keith Haring Foundation and rescue animals of all ages.