PRESS RELEASE

SEATTLE–(BUSINESS WIRE)–According to Coherent Market Insights, the global cannabis testing service market was valued at US$ 230.3 million in 2018, and is projected to exhibit a CAGR of 8.5% during the forecast period (2018 – 2026).

Key Trends and Analysis of the Cannabis Testing Service Market:

The cannabis testing service market size is expected to witness significant growth during the forecast period, owing to increasing legalization of cannabis for medicinal and recreational activities in key regions. For instance, in March 2017, the parliament in Germany signed a law allowing medicinal use of cannabis plant. The law allowed healthcare professionals to prescribe medicinal cannabis products to patients suffering from severe health issues such as chronic pain, vomiting, and nausea. Moreover, in January 2018, the government of Australia announced that it would allow medicinal cannabis exports.

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Furthermore, several governments are making lab testing of cannabis products mandatory, which is expected to boost the market growth. For instance, in May 2019, lawmakers in Arizona, U.S. unanimously passed SB1494, a bill requiring mandatory lab testing for medical cannabis products, through the state’s House and Senate. In June 2018, according to the California Legislative Information, the United Cannabis Business Association approached the Governor regarding the lack of testing labs in California, U.S. The state has around 30 licensed laboratories that offer services to over 3,300 licensed cultivators and 400 licensed retailers. This can result in a high unmet demand for cannabis testing services, thereby creating growth opportunities for the market players.

Key players in the market focused on launching new detection tests with high efficacy rate. For instance, in 2016, Steep Hill Labs, Inc., a cannabis testing and analytics company, launched a new high detection cannabis pesticide testing in California, U.S.

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Key Market Takeaways:

• The global cannabis testing services market is projected to witness a CAGR of 8.5% during the forecast period (2018 – 2026), owing to increasing establishment of cannabis testing laboratories in various region. For instance, In March 2019, Afriplex announced establishment of its Cannabis Laboratory in South Africa. The company is focused on adhering to regulation standards of the Department of Health and the South African Health Products Regulatory Authority (SAHPRA) at its cannabis processing facilities.
• North America is expected to hold a dominant position in the global cannabis testing service market during the forecast period, owing to increasing approvals of laboratories that focus on cannabis testing services. For instance, the government of Canada in 2018 approved 56 laboratories under Narcotic Control Regulation Canada for cannabis testing service in Canada.

• Major players operating in the global cannabis testing service 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

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/cannabis-testing-services-market-2976