Most homes in Australia have companion animals, with studies showing around 80% of Australian families have owned a pet at one stage in their life. Of those, around 50% are dogs and 30% are cats, according to Animals Australia.
Following Australia's approval of medical cannabis in 2016 the opportunity in the cannabis sector has come alive. CannPal Animal Therapeutics Limited (ASX:CP1) research, develop and commercialise regulatory approved therapeutics for the companion animal health industry, using the compounds derived from the cannabis plant.
While CannPal does not yet have commercial products or revenue it is well funded with an ambitious plan and pipeline in the emerging industry. The company’s leading drug candidate is a cannabis-derived drug designed to treat pain in companion animals called CPAT-01.