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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "notes": "Uses an FTC staff report to validate the claim that veterinary drug diversion is considered unethical and legally ambiguous.",
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      "text": "Veterinary drug diversion, while ethically questionable, is technically not illegal in most states - and, where it is, the relevant laws often aren't strictly enforced.",
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      "text": "PetIQ got its start in the industry as a pure “grey market” distributor: it would buy medication from licensed veterinarians and resell the product to the retail channel. Until only recently, prominent veterinary drug manufacturers would sell only to sanctioned veterinary distributors and licensed veterinarians, which left retailers dependent on veterinarians and unauthorized grey-market distributors like PetIQ for pet medication. Veterinary drug diversion, while ethically questionable, is technically not illegal in most states – and, where it is, the relevant laws often aren’t strictly enforced. However, the threat of greater oversight and enforcement over the veterinary grey market represents a constant threat to PetIQ’s business.",
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      "text": "Page 86-87 and Page 89-90 excerpts from FTC report detailing the mechanics and ethical concerns of veterinary drug diversion.",
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