RAMM Pharma (RAMM.C), a cannabis company based in Uruguay, has begun commercial sales of its NettaPet™ cannabidiol (CBD) enriched super premium quality dog food.
“We are pleased to commence sales of our super premium dog food and with the strong demand that has been seen without having commenced any marketing initiatives. We are eager to expand this business within Uruguay and internationally,” stated Jack Burnett, Chief Executive Officer.
NettaPet™ represents the first product to be commercialized by NettaLife, the Company’s wholly owned subsidiary. NettaLife is committed to producing, commercializing and exporting CBD enriched pet foods, pharmaceuticals, and cosmetics for animals. The Company’s latest NettaPet™ dog food was approved by the Uruguayan Ministry of Agriculture, Livestock and Fisheries and is available in three formulations catered towards puppy, adult, and senior dogs.
The use of CBD to improve the quality of life for pets is a unique application to say the least. RAMM produced 40 tons of NettaPet™ and over 50% was pre-sold to wholesalers and distributors nationwide. With this in mind, there is certainly a market for CBD pet products in Uruguay, but how will they perform in global markets? According to Grand View Research, the global pet food market was valued at USD $87.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2019 to 2025.
Similarly, the global veterinary medicine market was estimated at USD $29.2 billion in 2020 and is expected to grow at a CAGR of 7.4% from 2021 to 2028. In addition to producing CBD-based pet formulation through its NettaLife subsidiary, RAMM has recently begun testing its NettaVet CBD formulations in animals. RAMM’s NettaVet formulations are intended to treat four different pathologies in animals, specifically dogs and horses. In addition to making a name for itself in the pet foods market, RAMM is also recognized as successful pharmaceutical and medical product business responsible for the development of various CBD products. That being said, if RAMM’s NettaVet clinical trials generate positive results, the Company could potentially develop a strong presence in the global veterinary medicine market.
RAMM may be a company worth keeping an eye on as the global pet foods and veterinary medicines markets continue to grow. Furthermore, any plans for global expansion could serve as a major stepping stone for the Company which primarily services Latin America. Additionally, RAMM’s stock has seen consistent growth in 2021, reaching a year high of $1.20 on March 15, 2021.
RAMM’s share price currently sits at $0.95 following yesterday’s close.