Curaleaf stock is in the green despite the broader market weakness in Friday's session. This likely has something to do with Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) announcing the launch of a new CBD pet product, Bido.
Curaleaf Holdings has emerged as one of the leading cannabis companies in the United States over the past few months. It is primarily engaged in producing medical marijuana, but in addition to that, it also operates its own dispensaries and, quite recently, has established two more dispensaries in Florida, a major market.
The company is also growing rapidly and has made some strategic moves, such as acquisitions, that could make it a major player in the industry in the years to come. Bido, Curaleaf's most recent endeavor, is a CBD pet product that comes in a variety of flavors.
Curaleaf Stock Set to Climb? New Launch is Big News
Over the past few months, Curaleaf has launched a range of hemp-based products, but Bido is meant specifically to cater to the pet niche, which many experts believe is all set to explode in a few years. Studies have shown that CBD can enhance a pet's wellness, so, enter Curaleaf. Bido is a tasty wellness product for pets that is non-toxic and all-natural.
The product has been made from US-sourced hemp and is available in drop format and treat format. The drops come in bacon and salmon flavors, and there is also an unflavored version of the drops. The treats have three flavors: honey sweet potato, apple chicken, and peanut butter bacon.
Bido is meant to help manage a pet's anxiety and pain.
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Investors appear to be reacting positively to Curaleaf's CBD pet product news. At the time of writing, Curaleaf stock is up about 2%, selling for $11.16 on the OTCQX market.
Meanwhile on the CSE, CURA stock is selling for $14.94, up 1.70%
Other Developments
Besides Bido, Curaleaf Holdings is continually working to improve its position in the larger cannabis market. The acquisition of Ohio Grown Therapies (OGT) has been a particularly important development for Curaleaf’s future. Acquiring Ohio Grown gives Curaleaf access to OGT's 32,000 sq. ft. cultivation facility and processing licenses in the state of Ohio, both of which will immensely help to increase Curaleaf's production capacities.
The acquisition is worth $20 million, although much of the payout for OTG is dependent on the regulatory approval of OGT's licenses being passed onto Curaleaf.
Ohio is one of the biggest cannabis markets in the US, so Curaleaf's acquisition here could help to make Curaleaf a major player in the state, which would be good news for Curaleaf stock and its investors.
Curaleaf stock has increased over 20% since mid-April. Moreover, the stock has more than doubled this year alone, outperforming the broader cannabis market.
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Featured image: Canva
