Americans love their four-legged friends.

If you're inclined, you can treat your pet to an impressive array of goods and services: spa beauty treatments, gourmet and organic foods and treats, top-flight veterinary care (privately insured, of course), designer pet clothing – the only limit is the depth of your pocket.

As you can imagine, that doting approach to pet ownership is very lucrative for the companies on the supply side.

Americans will spend an estimated $75.3 billion on their pets this year alone. PetSmart Inc. boasts a market cap north of $8 billion. There are not one but two "pet sector" exchange-traded funds available to buy, tracking a deep roster of publicly traded pet companies and service providers.

And now, Fido and Mittens can enjoy a regular regimen of CBD, with all the benefits that entails.

Cannabis companies with the vision and foresight to cash in on this trend are rushing to cater to it.