Every industry is achieving a growth which seems to be unbeatable in the coming years. The same is the scenario with Cannabis testing market. Earlier, the requirement of Cannabis market was not that much. But with the present ongoing trend, it has been estimated that it will reach up to USD 1416.3 million by 2021 from USD 822 million in 2016.
Currently, most of the countries are focusing on understanding the benefits of Cannabis for medical purposes and hence looking forward to using it as much as they can. In January 2015, only 23 states in the U.S. along with the District of Columbia were there who have legalized the use of Cannabis for the sake of medical applications. But with the growing approval of the medical Cannabis, it creates a demand all around. For human consumption as well some analytical testing is going on to check out the safety.
Moreover, the Global Cannabis testing market is creating a place which just seems to be unbeatable in the coming time. There is a lot more integrated with it let’s have a look at Cannabis testing market dynamics so that things will become quite clear about it.
Drivers:
- The demand for Cannabis usage is increasing through conference, synopsis and workshops
- In the testing Laboratories adoption of LIMS has been considered.
- Medical Cannabis becomes legal, and these days Cannabis testing Laboratories are growing on day by day.
Restraints:
- The cost of the analytical instrument is quite high.
- The need for trained laboratory professional is increasing, but somewhere they are not there.
Opportunities:
- The market is somewhere emerging out in LATAM and MIA.
- Certain merger and acquisitions are also going on.
Challenges:
- The cost of making a Cannabis testing laboratory is quite high as a Startup.
- For Cannabis testing in the U.S., industry standards are lacking somewhere.
After understanding about all these aspects, let’s look at something else considering to Cannabis testing laboratories.
Legalization of medical cannabis
We all know that these days medical Cannabis is very effective in multiple medical operations like for reducing nausea, combining it with chemotherapy and so on. Now it is integrated with a diet of AIDS patients as well. It is known to control muscular spasm in multiple sclerosis patients as well. One can easily conclude that it has multiple benefits on human health and its meeting multiple diseases.
By keeping the same into consideration, the government has legalized it, and the use of medical Cannabis is no more illegal activity. Countries like Australia, Canada, Spain, North Korea, Portugal, Germany, Italy, Netherlands, Brazil, and so on are looking forward to having more details about it. All these countries have legalized the use of medical Cannabis, but somewhere they are looking forward to some more searches as well.
23 states in U.S. are there who have legalized the medical Cannabis, and there are four states in Oregon, Colorado, and Washington, Alaska as well. No one can deny the fact that this is creating a place which is unbeatable.
Wrap it up:-
Cannabis is becoming one of the most important remedies for treating multiple problems. The Cannabis testing market is growing on day by day, and every day, the researchers come up with something new for all the individuals out there.