Cannabis Testing Market Share 2021
Astonishing growth in Cannabis Testing
Market Share is expected to reach US$ 1,696.3 million by
2027, growing at an estimated CAGR of 14.4% over the forecast period
The
potency level and the potential of abuse of marijuana makes its use difficult
even for medicinal purposes. After the declaration of marijuana as a “Schedule
1’ drug by the United States Drug Enforcement Administration, the
transportation and handling of cannabis has been difficult. With the effort of
many organizations who see the actual potential of recreated marijuana in
medicinal applications, countries are now legalizing marijuana partially or
fully. This has created a path of growth for many pharmaceutical companies in
the region. For instance, The Aurora Cannabis, one of Canada’s largest licensed
cannabis producers have recently signed a medical cannabis supply deal with
Mexican pharmaceutical company Farmacias Magistrales. This exclusive strategic
partnership makes the Mexican based pharmaceutical company country’s first
cannabis import license following that development. Another example was when
Medical Marijuana, Inc.'s distribution company, HempMeds decided that they
would import the raw material, to start manufacturing medical marijuana
products in Mexico and then export them to Europe, Canada, the United States
and Latin America. Such factors is expected to propel the Cannabis Testing
Market Share over the next eight years.
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Major Key Players:
Some of the players operating in the Cannabis Testing
Market Share are Anandia Labs, EVIO Labs, GREEN LEAF, PerkinElmer Inc., SGS
Life Sciences, Steep Hill Labs, Inc., Thermo Fisher Scientific Inc. amongst
others.
Key
Findings of the Report:
In terms
of revenue, Cannabis Testing Market Share is expected to reach US$ 1,696.3
million by 2027, as there is rising focus towards legalization for cannabis for
medicinal and adult recreational activities.
The
potency test type segment is expected to witness a considerable growth over the
next eight years as countries require testing and labeling of cannabis for
potency on the basis of THC, CBD, and CBN.
Mexico Cannabis
Testing Market Share is projected to witness the highest CAGR of 17.7% over the
forecast period due to partial legalization of cannabis use in the country.
Proposals are being made to the government to fully legalize use of cannabis
for both adult recreational and medical cannabis.
Market Segmentation
By Test Type
Potency
Heavy Metal
Terpene Profiling
Microbial Analysis
Pesticide Screening
Residual Solvent Screening
Genetic
By Geography
North America
U.S.
Canada
Mexico
Rest of North America
Contact us:
Shreyas Tanna
Phone: +91-740-024-2424
Absolute Markets Insights
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