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1U.S. cannabis testing market trends research and
projections for 2019- 2026
- Speedy legalization of medical marijuana across a
number of states in the U.S. is likely to drive
U.S. cannabis testing market outlook. In recent
years, the efficacy of cannabis in treating
diseases such as epilepsy and chronic pain has
come to light. Positive effects of medical
cannabis in treating lethal diseases has prompted
the government to relax the regulatory spectrum
on cannabis, which is likely to transform the
industry landscape. Constant efforts of
regulatory authorities to ensure consumer safety
and enhance product quality is impelling the
growth of cannabis testing laboratories. In 2019,
testing laboratories accounted for revenue
generation of over USD 492.5 million in the U.S.
cannabis industry share. - Moreover, growing need for accurate labelling of
marijuana content in various products will also
boost industry growth. As per estimates, U.S.
cannabis testing market is likely to cross the
USD 1.2 billion mark by 2026.
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2- Increased awareness pertaining to cannabis
medical benefits - Cannabis has been approved as an effective
treatment for a wide assortment of ailments, such
as cancer, epilepsy, chronic pain, stress
disorder, etc. Increasing use of cannabis for
medical application in an array of diseases has
prompted research institutes to further focus
upon discovering additional applications of
cannabis. Moreover, increasing investment in
research and development of cannabis products may
expand cannabis testing industry size over the
coming years. - Upon realizing the medical benefits of marijuana,
various U.S. states have legalized the use of
marijuana for certain medical conditions. This
legalization has drastically increased the need
for laboratories to test for safety and potency
of drugs utilizing cannabis. - Also, growing consumer awareness pertaining to
medical benefits of marijuana will increase the
number of users, which will further create the
need to ensure safety standards of products.
This may further create feasible conditions for
the expansion of U.S. cannabis testing industry.
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4- Legalization of cannabis across various states in
the U.S has positively impacted cannabis testing
industry outlook. In 2019, mountain states in the
U.S accounted for USD 167.4 million in the global
share. Such impeccable growth can be attributed
to the presence of states such as Colorado,
Nevada and New Mexico in the region, where the
use of cannabis as a therapeutic drug has been
approved. Medical marijuana industry is rapidly
expanding with the legalization of marijuana,
which will also fuel the growth of cannabis
testing market.
- Key players operating in the industry are
Anresco, CannaSafe, Collective Wellness of
California (CW Analytical Laboratories),
Digipath, Inc., EVIO, Inc., Iron Laboratories,
Pure Analytics LLC, PSI Labs, SC Labs, Inc, Steep
Hill, Inc.
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