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) was valued at US$ 114.3 million in 2017, and is projected to exhibit a CAGR of 8.5% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development activities to improve the productivity and quality of cannabis products is expected to boost the market growth. For instance, in November 2018, University of Moncton, located in New Brunswick, Canada, announced a partnership with the Government of Canada, Genome Atlantic, Genome Canada, New Brunswick Innovation Foundation, and Organigram to advance cannabis research and to increase its productivity. The purpose of this collaborative, innovative, and research-driven partnership is to help improve the productivity and quality of cannabis products.
Moreover, in November 2018, Strainprint Technologies Ltd., a company focused on cannabis data and analytics, announced a partnership with Israel-based companies, Lumir Lab and Gynica to conduct the world's first international clinical study on the use of cannabis for the treatment of endometriosis. The objective of the study is to develop clinically-validated cannabinoid-based products that can be approved for international distribution.
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Testing laboratories in cannabis testing service market are focusing on strategic mergers and acquisitions in order to gain significant market share. For instance, in March 2017, U.S.-based Steep Hill Labs, Inc. entered into a strategic partnership with iCAN: Israel-Cannabis, an Israel-based medical marijuana company, to establish a testing lab in the Israel. Moreover, Steep Hill Labs, Inc. also announced plans to expand operations to six western European markets in 2018.
In March 2019, Blueberries Medical Corp., a Colombia-based licensed medicinal cannabis producer, entered into a binding agreement to acquire cannabis cultivation, processing, manufacturing, export, and other rights in Argentina from BBV Labs Inc.
Browse 38 Market Data Tables and 27 Figures spread through 188 Pages and in-depth TOC on "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) - Global Forecast to 2026"
In January 2019, Washington state regulators discussed changes to the recreational marijuana program, which includes implementing mandatory pesticide testing in the near future. Implementation of regulation for pesticide screening of cannabis in the U.S. is expected to boost demand for pesticide screening and drive the growth of the segment over the forecast period.
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Key Takeaways of the Cannabis Testing Services Market:
The global cannabis testing services market is expected to register a CAGR of 8.5% during the forecast period (2018–2026), owing to increasing research & development and acquisition activities related to cannabis
Among test type, the cannabinoid profiling segment is expected to hold major revenue share in 2026. Cannabinoid profiling offers accurate information to cultivators, cannabis-based product manufacturers, patients, and caregivers regarding the concentration of active cannabinoids in their cannabis sample.
Major players operating in the global cannabis testing services market include, SC Laboratory, Eurofins Scientific, EVIO Labs, ProVerde Laboratories, Inc., Praxis Laboratory Cascadia Labs, Encore labs, SGS Canada Inc., Pharm Labs LLC, and Agricore Laboratories
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