New York, NY--The cannabis testing industry is on the precipice of significant growth, while authorities in California emphasize the necessity for stringent lab reporting.
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According to Technavio's research, the cannabis testing market is poised to expand to $1.50 billion between 2022 and 2027, with a CAGR of 13.06% predicted during this span.
The bulk of this growth, approximately 50%, will be propelled by North America, with the US and Canada being focal points.
Among the factors cited for this upswing is the burgeoning acceptance of information management solutions in the domain.
The news, highlighted in a PR Newswire release, states that market segmentation reveals divisions by product (including instruments, consumables, and software), end user (ranging from cannabis cultivators and drug manufacturers to other entities), and geography.
The instruments segment is forecasted to grow robust due to recent advancements in this sphere.
Key market drivers include:
- The escalating utilization of cannabis for medical applications.
- Rising adoption of information management tools.
- Global awareness campaigns emphasize cannabis benefits, especially in regions like the US, UK, and New Zealand.
The release noted that companies making a mark in this domain include AB SCIEX LLC, Agilent Technologies Inc., and Shimadzu Corp., among others.
California Regulators Emphasize Testing Integrity
Amind the growing testing market, the need to maintain accuracy remains paramount. According to a MJ Biz Daily report, in tandem with this growth narrative, California’s Department of Cannabis Control (DCC) has underscored the imperative for accuracy in cannabis testing.
They have dispatched warnings to state-licensed labs, emphasizing the necessity for correct reporting of test results. Violations of this directive, such as inflated THC potency reports and data manipulation, could culminate in punitive measures, including potential license annulment.
To reinforce consumer confidence in cannabis products, the DCC is initiating on-the-spot inspections and validating test results for previously approved cannabis items. Noncompliance could compel businesses to rebrand products or even prompt recalls.
The report noted that lab testing controversies, especially around exaggerated THC levels, remain controversial.
State agencies in several regions, including Arizona and Nevada, have intensified their enforcement strategies against erring labs.