Global Cannabis Testing Market

Cannabis Testing Market Size, Share, Growth Analysis, By Technology(Chromatography, Liquid chromatography), By Test(Potency Testing, Pesticide Screening), By End User(Laboratories, Cannabis Cultivators and Growers) - Industry Forecast 2024-2031

Report ID: SQMIG30C2143 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 99 | Figures: 68

Cannabis Testing Market News

  • In February 2024, The Bank of Guam in the United States, has launched Cannabis Banking, a program providing banking services for the cannabis industry on Guam and the Commonwealth of the Northern Mariana Islands. With the launch of Cannabis Banking, the Bank of Guam becomes the first local financial institution in this region to serve "all tiers" of cannabis-related businesses, or CRBs.

     

  • In December 2023, PSI Labs, one of the first licensed marijuana safety labs in Michigan, closed its doors after eight and a half years of testing marijuana for contaminants and potency. Ben Rosman, co-founder and CEO of Ann Arbor’s PSI Labs, said that accuracy proved to be bad for business.

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Cannabis Testing Market size was valued at USD 7 Billion in 2022 and is poised to grow from USD 7.9 Billion in 2023 to USD 21.9 Billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031).

The Cannabis Testing Market thrives within a dynamic and competitive landscape, marked by a blend of established brands, emerging players, and specialized producers. Innovation stands as a pivotal competitive factor within this arena. Foremost brands heavily invest in research and development, continuously introducing novel flavors, diverse packaging formats, and health-centric variations to address evolving consumer tastes. Often, these industry leaders set the trends within the market, leveraging their innovative strides to not only meet but also shape the shifting preferences of consumers. This emphasis on pioneering developments underscores the competitive edge and adaptability crucial for success in this ever-evolving sector. 'Shimadzu Scientific Instruments', 'Agilent Technologies Inc.', 'Danaher Corporation', 'Accelerated Technology Laboratories Inc.', 'Merck KGaA (Sigma Aldrich)', 'Pharmlabs LLC', 'Restek Corporation', 'Sartorius AG', 'Steep Hill Halent Laboratories Inc.', 'PerkinElmer Inc.', 'Digipath Inc.', 'AB Sciex Pte. Ltd'

Medical cannabis has risen as a promising therapeutic avenue for a spectrum of medical conditions, showcasing its effectiveness in alleviating symptoms and enhancing the quality of life for patients. Its notable impact includes mitigating chemotherapy-induced nausea, stimulating appetite among individuals combating AIDS, and managing muscular spasms in those diagnosed with multiple sclerosis, supported by extensive documentation.

The driving force behind this growth stems from robust government backing for the legalization of medical marijuana in these regions. This supportive stance toward medical cannabis legalization has become a magnet for investors, major industry players, and governmental bodies, all eyeing opportunities to invest in bolstering cannabis testing infrastructure.

In 2022, North America emerged as the powerhouse of the cannabis testing market, commanding an impressive 84.6% revenue share and poised for sustained growth with a significant CAGR projected for the forecast period. A key driving force behind this expansion is the proliferation of testing laboratories, a direct response to stringent governmental regulations governing marijuana cultivation practices in the region.

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Global Cannabis Testing Market

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