This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PetIQ manufactures and distributes prescription and over-the-counter pet medications, flea and tick preventatives, health supplements, and treats for companion animals. Trailing twelve-month revenue was approximately $329 million before the company was acquired by Bansk Group in October 2024 for $1.5 billion. PetIQ operated mobile veterinary wellness clinics at over 2,900 retail locations through its VIP PetCare subsidiary and preventative care clinics inside more than 1,650 Tractor Supply stores via PetVet.
The entire business model depends on the commodification of companion animals as consumers of pharmaceutical and wellness products. PetIQ does not manufacture food or engage in animal agriculture, but its veterinary clinic network and medication distribution infrastructure treat animal health as a retail transaction, dispensing products through mass-market channels (Walmart, Tractor Supply, PetSmart) at scale.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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