US Cannabis Testing Services Market to Reach a Market Valuation of US$ 409.3 Million by 2027 | CAGR: 15.7%: Coherent Market Insights
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The U.S. Cannabis Testing Services Market, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling, (CBD Testing and THC Testing) Pesticide Screening, Residual Solvent Testing, Microbiological Screening, and Other Tests), By End User (Cannabis Firms, Homecare Settings, and Research Institutes), and by States (Florida, Michigan, Pennsylvania, New Jersey, New York, and the Other States) was valued at US$ 127.7 million in 2019 and is expected to exhibit a CAGR of 15.7% during the forecast period (2019 – 2027), as highlighted in a new report published by Coherent Market Insights.
Key players in the market are focused on the establishment of state-of-art cannabis testing laboratories to provide a wide range of services in key regions. For example, in April 2018, Gala Pharmaceutical, Inc. announced plans to build its first state-of-the-art testing laboratory that will meet the new ISO requirements set by the City of Long Beach and the State of California, U.S. under the Medical Marijuana Regulation and Safety Act. Moreover, in December 2018, Gala Pharmaceutical California Inc., a subsidiary of Gala Pharmaceutical, Inc. received a temporary license from the State of California to construct its flagship cannabis testing facility in Long Beach, California, U.S. In June 2019, Gala Pharmaceutical, Inc. completed construction of its cannabis testing facility.
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In March 2019, Steep Hill, a cannabis science and technology company signed a licensing agreement with Green Analytics East to open a new cannabis testing laboratory in New Jersey (Steep Hill New Jersey). Steep Hill New Jersey is currently working to obtain local permits and is expected to commence the regulatory testing services in the third quarter of 2019.
In August 2019, Botanacor Laboratories, hemp biomass, and hemp-derived CBD products testing laboratory in Denver, Colorado, started offering industrial hemp and CBD testing throughout North America.
Therefore, the growth of the market during the forecast period (2019 – 2027) is expected to be driven by such initiatives taken by the new cannabis testing service providers in key regions, which is also estimated to increase access to cannabis testing services in the region.
Browse 26 Market Data Tables and 27 Figures spread through 151 Pages and in-depth TOC on “US Cannabis Testing Services Market, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling, (CBD Testing and THC Testing) Pesticide Screening, Residual Solvent Testing, Microbiological Screening, and Other Tests), By End User (Cannabis Firms, Homecare Settings, and Research Institutes), and by States (Florida, Michigan, Pennsylvania, New Jersey, New York, and the other States) – US Forecast to 2027”
To know the latest trends and insights related to US Cannabis Testing Services Market Press Release, click the link below: https://www.coherentmarketinsights.com/press-release/us-cannabis-testing-service-market-2562
Key players in the market are focused on fundraising activities to support the establishment and expansion of cannabis testing labs in the U.S. states. For example, Cannalysis, a cannabis testing lab based in Santa Ana, California, received funding of US$ 22 million from CanLab, cannabis, hemp, and CBD testing laboratory network. This fundraising will allow Cannalysis to expand its market presence and increase its operations in more states of the U.S.
Key Takeaways of the US Cannabis Testing Services Market:
- The U.S. Cannabis Testing Services Market is estimated to witness a CAGR of 15.7% during the forecast period due to the establishment of new cannabis testing labs in the U.S.
- By 2027, the potency testing segment is expected to witness a major revenue share due to the rising collaborations by key players in the U.S. The above factor is expected to increase the demand for potency testing to determine effectiveness and safety of cannabis. For example, in 2016, AB SCIEX LLC (U.S.) entered a collaboration agreement with CW analytical, a leading cannabis testing laboratory, to develop a cannabis quality and potency testing standard.
- Major players operating in the US Cannabis Testing Services Market are SC Laboratories Inc., Eurofins Scientific, EVIO Labs, Praxis Laboratory, Agricore Laboratories, Steep Hill Labs, Inc., Digipath, Inc., Sequoia Analytical Labs, Fairbanks Analytical Testing LLC, Aurum Laboratories, LLC, Pure Analytics LLC, Gobi Labs, Cascadia Labs, Encore labs, PharmLabs LLC and Cann-a-Lab.
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Medicinal Cannabis Market, by Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), by Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)) and by Therapeutic Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis, and Other Neurological Applications), and Other Applications) – Size, Share, Outlook, and Opportunity Analysis 2019 – 2027
Cannabis Testing Market, by Product Type (Analytical Instruments, Spectroscopy Instruments, Consumables and Breathe Analyzer), By Service Type (Potency Testing, Terpene Testing, Pesticide Testing, Residual Solvent, Heavy Metal Testing, Mycotoxin, and Microbial Testing, and Others), By End Users (Testing Laboratories, Drug Manufactures, and Research Institutes ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Trends and Forecast till 2026
Global Cannabis Testing Services Market, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling, Pesticide Screening, Residual Solvent Testing, Microbiological Screening, and Other Tests), By End User (Cannabis Firms, Homecare Settings, and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2018-2026About Us:
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