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) was valued at US$ 127.7 million in 2019 and is expected to exhibit a CAGR of 15.7% over 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 in key regions to provide a wide range of services in cannabis testing. For instance, 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. in accordance with the Medical Marijuana Regulation and Safety Act. 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 the construction of its cannabis testing facility.
In March 2019, Steep Hill, 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, a hemp biomass and hemp-derived CBD products testing laboratory in Denver, Colorado, started offering industrial hemp and CBD testing throughout North America.
Thus, such initiatives by new cannabis testing service providers in key regions are expected to increase access to cannabis testing services in the region and drive market growth over the forecast period.
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 Other States) – US Forecast to 2027"
To know the latest trends and insights related to US Cannabis Testing Services Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/us-cannabis-testing-service-market-3155
Fundraising activities by key companies engaged in cannabis testing are supporting the establishment and expansion of cannabis testing labs in U.S. states. For instance, Cannalysis, a cannabis testing lab based in Santa Ana, California, received funding of US$ 22 million from CanLab, a cannabis, hemp and CBD testing laboratory network. This fund raising will allow Cannalysis to increase its operations and expand its presence to more states in the U.S.
Key Takeaways of the US Cannabis Testing Services Market:
- The US Cannabis Testing Services Market is expected to exhibit a CAGR of 15.7% over the forecast period (2019–2027) owing to establishment of new cannabis testing labs in the U.S.
- Among test type, the potency testing segment is expected to account for a major revenue share by 2027, owing to increasing collaborations by key players in the U.S., which, in turn, is expected to drive demand for potency testing to determine safety and effectiveness of cannabis. For instance, 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 include SC Laboratories Inc., Eurofins Scientific, Praxis Laboratory, Agricore Laboratories, Digipath Inc., Fairbanks Analytical Testing LLC, Aurum Laboratories, LLC, Pure Analytics LLC, Gobi Labs, Cascadia Labs, Encore labs, PharmLabs LLC.
