Tenacious Labs, an international consumer products group championing emerging plant-based ingredients, including CBD and psilocybin, has acquired Rover’s Wellness, a Tennessee-based company that creates organically grown true broad spectrum hemp oil products for pets.
Rover’s Wellness uses true broad spectrum hemp oil with naturally-occurring CBD, which allows all beneficial terpenes and cannabinoids to work synergistically together to create the “entourage effect” without the psychoactive effects of THC. Rover’s Wellness products are formulated to help support joint flexibility and mobility and ease joint stiffness due to daily exercise and activity. Additionally, the range supports pets in coping with external stresses and promotes long-term health.
“We’re delighted to welcome Rover’s Wellness to Tenacious Labs,” said Nicholas Morland, chief executive officer and co-founder of Tenacious Labs. “Since launching in 2018, the brand has grown rapidly, launching genuinely market-leading products which have been well received by customers across the US. Looking ahead, we’re excited at the growth opportunities for both Rover’s Wellness and Tenacious Labs’ broader pet care division. The CBD pet space is a rapidly accelerating sector with many, many brands vying for visibility. As part of our investment in Rover’s Wellness, we are conducting a comprehensive review of the brand image and values, to ensure that we continue to deliver excellent quality, innovative products that fit the needs of pet parents and their pets.”
The acquisition of Rover’s Wellness represents a milestone in Tenacious Labs’ strategy to become a leading consumer products group globally and sees the Group diversifying into the high growth pet care market for the first time. According to Prohibition Partners, global sales of CBD pet care products are expected to reach $424.4 million by 2024, representing a compound annual growth rate of 18.6 percent.
Since launching two years ago, Tenacious Labs has completed three acquisitions, including female-focused CBD brand Press Pause and high-quality white-label manufacturer SZM LLC – now operating as TL Manufacturing. The Group has also continued to expand, now employing 35 people around the world as it looks to scale up.