North America Cannabis Testing Market is Expected to Reach US$ 1,696.3 Million by 2027, Growing at an Estimated CAGR of 14.4% Over the Forecast Period, Says Absolute Markets Insights
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.
PUNE, India, Dec. 12, 2019 /PRNewswire/ -- 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 over the next eight years.
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The detailed research study provides qualitative and quantitative analysis of cannabis testing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America including United States, Canada and Mexico.
Key Findings of the Report:
- In terms of revenue, Cannabis Testing Market 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 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.
- Some of the players operating in the Cannabis Testing Market are Anandia Labs, EVIO Labs, GREEN LEAF, PerkinElmer Inc., SGS Life Sciences, Steep Hill Labs, Inc., Thermo Fisher Scientific Inc. amongst others.
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North America Cannabis Testing Market :
- 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
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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.
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