THE IMPORTANCE OF CANNABIS TESTING

Cannabis, also known as marijuana, is a flowering plant indigenous to Central and South Asia. The plant has been valued since ancient times for its psychoactive, medicinal, and fibrous properties; however, because of the potential for abuse, coupled with social and political factors, cannabis has been banned in most countries since the early 1900s. In the twenty-first century, this situation appears to be changing. Many countries, including Australia, Canada, North Korea, Columbia, Italy, Spain, and the Netherlands, have decriminalized cannabis possession and cultivation in one form or the other (adult recreational and/or medical use). Although cannabis remains illegal at the US federal level, 25 states plus the District of Colombia allow cannabis use for medical purposes, while four states (Colorado, Washington, Oregon, and Alaska) have legalized cannabis for both medical and adult recreational use.

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WHY DOES CANNABIS TESTING MATTER?

There is a lot of uncertainty in the cannabis industry, but the answer to this one is clear. Cannabis testing is essential for quality assurance and consumer safety, and is currently required by law through Health Canada regulation. Every batch of cannabis or cannabis-derived product must be third-party tested prior to sale, and if contaminants are present above threshold levels, test results must be reported and production halted. Full-stop.

This requirement may seem extreme, but licensed testing ensures that all consumers have accurate information on the safety of their cannabis.

Whether testing is used to determine potency or purity, regulations ensure that consumers are properly informed. This is especially necessary for the medical cannabis market, where consumers may have compromised immune systems and increased sensitivity to contaminants.

Legalization of Medical Cannabis

The market is driven by the legalization of the medical cannabis, for instance, United States is anticipated to be the main driving force of growth of use of medical cannabis. 30 states has legalized cannabis for the medical use. These 30 states comprises of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. Currently more than 8000 active licenses for cannabis businesses in USA. It is the only country with such number of Industry players. Europe is another region which has shown a decent growth rate for cannabis testing market. There has been an increase in the process of legalization of cannabis in European countries. Thus, considering the facts the market is likely to drive the market.

Mergers and Acquisitions

The cannabis businesses in the US are small independently-held entities. Various companies, such as food, tobacco and pharmaceutical industries were held back by regulatory concerns, but are now expected to enter the market. Cannabis business are small due to stringent regulations for import and export. Companies that want to expand to other regions must establish cultivation, manufacturing and selling infrastructure in new location, or form a partnership with other company in the other state. For instance, in 2018, some of the multi-state operators acquired additional licensed operators in new locations to enhance its presence.

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Reference

• aocs.org
• theinsightpartners.com