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Naturally Splendid (TSXV:NS,FWB:50N,OTCQB:NSPDF) announced the launch of its 100% owned hemp-based pet care line trademarked Pawsitive FX™, with an initial product line consisting of three formulations for topical applications as well as 3 formulated shampoo products. Naturally Splendid intends to generate sales of Pawsitive FX™ products using its existing distribution network, and by developing additional pet specific distribution networks and generating on-line sales.
As quoted in the press release:
Naturally Splendid Enterprises (the “Company”) (NSP – TSX Venture) (NSPDF – OTCQB) (50N – Frankfurt) is pleased to announce the launch of a 100% owned hemp-based pet care line trademarked Pawsitive FX™ and the launch of the new Corporate company Website at www.naturallysplendid.com. The new website will go live at 6:30am PST on Feb. 26, 2015.
The initial Pawsitive Fx™ product line consists of three formulations for topical applications as well as 3 formulated shampoo products.Company Director and VP of Operations Bryan Carson reports, “The pet industry in Canada, the United States and many other countries is booming. Americans, for example, own more pets than ever before and according to the American Pet Product Association (APPA), spent approximately $47.7 billion on pet products and services in 2010. Growth in the sector can be attributed to increasing pet ownership and increased spending per pet. Pet pampering is becoming the norm, as pet owner spending has moved far beyond simple food and grooming expenses to include innovative and specialized premium products. This trend has driven Naturally Splendid to develop a line of natural pet care products, custom formulated and manufactured in Vancouver BC, based on the ever amazing benefits derived from hemp-oil based formulations”.
Company CEO Craig Goodwin adds, “As reported in a Jan. 28, 2015 news release, Naturally Splendid Enterprises announced the signing of a Service Agreement with Alberta Agriculture and Rural Development’s Food Science and Technology Center (FSTC) in Brooks, Alberta. The FSTC is one unit of the Food and Bio Processing Division of Alberta Agriculture and Rural Development and has scientists that specialize in pet food products. The purpose of that project is directed to pet food products. We wanted to offer a range of pet products in addition to pet food and have thus developed a topical pet care products line”.
Consumer demand for pet food, health and wellness products, grooming and pet related accessories is growing at a rate of 4% annually according to Packaged Facts (1). The overall market in Canada for pet related items reached $6.6 billion in 2012 and is expected to grow to $8.3 billion by 2018. “Consumers spend an average of nearly $1000/year on their pets. Pet-related spending will continue to increase rapidly over the coming years, due in large part to the aging pet population, and owners seeking higher quality food for their pets (2). The new generation of pet owners is both willing and able to pay top dollar for premium products. They are concerned about their pets’ health and welfare. Recent and emerging trends in the market include: a focus on nutrition, an interest in low calorie or light products; increased availability of nutraceutical products with supported health claims; and, gourmet and specialty pet foods and snacks.
The Company plans to generate sales of Pawsitive FX™ products by utilizing its existing distribution network, develop additional pet specific distribution networks and generate on-line sales.
Click here to read the Naturally Splendid (TSXV:NS,FWB:50N,OTCQB:NSPDF) press release
Click here to see the Naturally Splendid (TSXV:NS,FWB:50N,OTCQB:NSPDF) profile.