Connect with us

Cannabis

SKYE Life Ventures Ltd. Provides Update to Shareholders

Published

on

Montreal, Quebec–(Newsfile Corp. – June 16, 2020) – Skye Life Ventures Ltd. (OTCQB: SKLV) (“SKYE” or the “Company”) is providing this update to our valued shareholders during these difficult times.

The COVID-19 virus represents a new challenge for us all. We want to formally update you on the situation as it pertains to Skye Life Ventures. We are taking this global threat seriously and are closely monitoring developments. We have implemented numerous precautions and protective measures to safeguard our employees and suppliers. We will continue operations and business with these measures and precautions in place through 2020 and as the COVID-19 curve flattens. It is a fragile time for us all during this pandemic. We all need to be vigilant following the safety measure as we move into the fall season in order to prevent and/or reduce the chance of a second wave.

Industry Updates: It’s been a year since Health Canada started to allow licensed stores to start selling marijuana in Canada for recreational use. The roll out of retail outlets has been slower than expected. Many Licensed Producers have recently reported underwhelming earnings, major losses, facility closures, leadership changes, employee and management terminations, massive employee layoffs, bankruptcies and exiting and ceasing operations and business development in countries such as Australia, Jamaica, Columbia etc. These developments have rocked the industry and greatly reduced the willingness of investors to invest in public cannabis companies. Public and private investment into the cannabis industry is at an all-time low since legalization began in Canada. Skye is not pursuing any business development outside of Canada at this time.

In the United States, cannabis is making some progress but distractions and high hurdles persist. It is possible that marijuana will be legalized in the United States in the next year or so but that result is far from certain.

On May 9, 2020, CIBC Capital Markets, the investment banking subsidiary of the Canadian Imperial Bank of Commerce, slashed its projections for the recreational cannabis market in Canada. CIBC Capital Markets had previously estimated the recreational cannabis market in Canada to be worth 3.4 billion Canadian dollars in 2020. However, due to the COVID-19 pandemic and an insufficient number of stores open, the bank now expects that segment of the market to be worth CA$2.5 billion. Last year, recreational sales in Canada totaled CA$1.2 billion.

Public Markets Updates: 2019 was a year in the weeds. For an industry that was already struggling to survive slumping stock prices for all of 2019, it’s hard to predict what additional negative effects the coronavirus and economic and industry factors will add to the 2019 cannabis market meltdown. We are monitoring the markets and the crisis closely.

Corporate Updates: On February 24, 2020 the Company’s board of directors (the “Board”) met to discuss the company’s 2020 business plan, the state of the industry and corporate matters. Given the state of the cannabis markets, the economy and the upcoming great financial needs of the Company’s subsidiaries, a special committee was established by the Board to examine the Company’s short to medium term outlook, review possible alternatives for the Company going forward and recommend a proposal to the Board for what to do in the near future in the best interests of the Company and its shareholders.

The Company’s current operating subsidiary is a Canadian licensed producer of cannabis (a “Licensed Producer.”) We believe that Licensed Producers will need to be nimble and focused in order to survive the coming years, especially as public companies. We believe that Licensed Producers will need three core business principles: strong compliance, consistent production and profitability. We believe that our Licensed Producer has strong compliance and is building toward consistent production. However, the Licensed Producer may not be profitable in the near to mid-term, if ever. We are concerned that continuing to fund this business without adequate profits in sight might not be sustainable for the Company.

Our Licensed Producer requires several million dollars in further investment to continue its development. The current state of the markets, the cannabis industry, the pandemic and the economy in general make it unlikely that the Company will be able to raise adequate funds at commercially reasonable terms in order to continue to fund this business. The special committee has examined the Company’s current situation and its options. The special committee has recommended to the Board that the Company seek new business opportunities and direct its Licensed producer to seek out financing other than reliance on the sale of Skye’s equity securities. The Company is evaluating potential business opportunities but there are no assurances that any new business opportunities will be acquired.

We will continue to provide updates as we come back on line and as restrictions ease. We wish you all continued strength and good health to you and your loved ones.

Forward Looking Statements

This document contains “forward-looking statements” that can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates,” or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the company’s marketing plans, goals, competitive conditions, regulations that affect public companies that have no existing business and other matters that are not historical facts are only predictions. No assurances can be given that such predictions will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially either because one or more predictions prove to be erroneous or as a result of other risks facing the company. Forward-looking statements should be read in light of the cautionary statements and important factors described in this document for Skye Life Ventures Ltd., including, but not limited to the matters set forth in management’s discussion and analysis of financial condition and results of operations filed in its latest 10-Q on with the securities and exchange commission. The risks include, but are not limited to, the risk factors and uncertainties set forth in item 1A, “risk factors” of the company’s registration statement on form 10, as amended, filed with the securities and exchange commission. The risks associated with a smaller reporting company that has only a limited history of operations, the comparatively limited financial resources of the company, the intense competition the company faces from other established competitors, any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events, circumstances, or new information after the date of this form 10-Q or to reflect the occurrence of unanticipated or other subsequent events, except as required by law.

As used herein, the term “the Company,” “we,” “us, “and” “our” refer to Skye Life Ventures Ltd., a British Columbia Canada corporation, unless otherwise noted.

###

For more information on this update please contact [email protected].

Sincerely,
Skye Life Ventures Ltd.
Web Site: www.skyelife.ca
E-Mail: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58026

Cannabis

Cannabis Testing Market Worth $4.0 billion | MarketsandMarkets™

Published

on

cannabis-testing-market-worth-$4.0-billion-|-marketsandmarkets™

CHICAGO, May 23, 2024 /PRNewswire/ — Cannabis Testing Market in terms of revenue was estimated to be worth $1.8 billion in 2024 and is poised to reach $4.0 billion by 2029, growing at a CAGR of 17.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The important factors impacting market growth are legalization trends and rising medical applications for cannabis. Rising approvals for medical and recreational cannabis drive the regulations requiring product safety testing which in turn fuel the need for cannabis testing services. Additionally, the rise in the number of cannabis testing labs due to legalization is propelling the demand for analytical instruments is likely to uplift market growth in coming years.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46932450

Browse in-depth TOC on “Cannabis Testing Market”
439 – Tables
52 – Figures
378 – Pages

Cannabis Testing Market Scope:

Report Coverage

Details

Market Revenue in 2024

$1.8 billion

Estimated Value by 2029

$4.0 billion

Growth Rate

Poised to grow at a CAGR of 17.2%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product & Software, By Service & By End User

Geographies Covered

North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Untapped markets in emerging economies

Key Market Drivers

Increasing legalization of medical and recreational cannabis

Products segment held the highest estimated share of the cannabis testing market.

Based on product & software, the cannabis testing market is segmented into products (analytical instruments {chromatography instruments [liquid chromatography, gas chromatography & other chromatography instruments], spectroscopy instruments [mass spectrometry instruments & atomic spectroscopy instruments] & other analytical instruments} and consumables {chromatography columns, standards and CRMS, sample preparation products and other consumables) and software. The product segment accounted for the largest share of the cannabis testing market in 2023. Market growth is driven by technological advancements providing sophisticated tools for precise analysis, ensuring compliance and quality control, and the expanding legalization of cannabis products. Additionally, increasing requirements for potency labeling and pesticide screening fuel the demand for specialized consumables, further propelling growth in the cannabis testing market. For example, Thermo Fisher Scientific Inc. launched the Thermo Scientific SureSTART consumables portfolio consisting of vials, well plates, caps, inserts, kits, and mats to improve analytical performance and sample security for chromatography and mass spectrometry users in routine and research labs in clinical, food, pharma, biopharma, environmental, and academic sectors.

High growth of services segment attributed to potency testing services.

Based on service, the cannabis testing market is broadly segmented into terpene profiling, microbial analysis, residual solvent analysis, potency testing, heavy metal testing, pesticide screening, and other services. In 2023, potency testing accounted for the largest share of the cannabis testing services market. The high growth of this segment is due to stringent regulatory requirements ensuring accurate THC and CBD levels. This is crucial for product labeling, consumer safety, and compliance, driving demand from producers and dispensaries seeking to meet legal standards and provide reliable, high-quality products.

Services take away the largest estimated share of the end-user segment.

Based on end users, the cannabis testing market is classified into segmented into product & software end users (cannabis testing laboratories {small-scale laboratories, medium-scale laboratories, large-scale laboratories} and research institutes) and service end users (cannabis drug manufacturers & dispensaries, cannabis cultivators/growers). In 2023, the service end users’ segment was predicted to account for the highest share of the global cannabis testing market. The large share of this end user segment is due to the rising consumer awareness of quality and safety, rising legalization of cannabis, stringent regulatory standards, and technological advancements in cannabis testing.

During the forecast period, North America displayed lucrative market growth.

North America accounted for the largest share of 65.5% of the cannabis testing market in 2023. The North American market is projected to reach a value of USD 2.6 billion by 2029 from an estimated value of USD 1.2 million in 2024, at a CAGR of 17.3% during the forecast period. The region leads the cannabis testing market due to stringent regulatory standards, robust infrastructure, and widespread legalization of cannabis for medical and recreational purposes. Additionally, North America’s advanced R&D capabilities and evolving consumer demand for quality assurance drive its prominence in this growing sector.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=46932450

Cannabis Testing Market Dynamics:

Drivers:

  1. Increasing legalization of medical and recreational cannabis
  2. Increasing use of cannabis for medicinal applications
  3. Technological advancements in testing technologies

Restraints:

  1. Lack of standardization
  2. Investment risks due to regularization

Opportunities:

  1. Untapped markets in emerging economies
  2. Research collaborations

Challenge:

  1. High setup costs

Key Market Players of Cannabis Testing Industry:

The global cannabis testing market comprises many key market players competing for markets shares like Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg).

The primary interviews conducted for this report can be categorized as follows:

  • By Respondent: Supply Side- 70%, and Demand Side – 30%
  • By Designation (Supply Side): Managers – 45%, CXOs & Directors – 30%, Executives- 25%
  • By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, MEA- 5%

Recent Developments:

  • In September 2023, Shimadzu Corporation launched the Brevis GC-2050 gas chromatograph used in various applications including cannabis testing.
  • In April 2023, SC Labs, one of the leading cannabis testing companies, acquired C4 Laboratories, one of the first Arizona cannabis labs, thus allowing it to be licensed and accredited in five states: California, Colorado, Michigan, Oregon, and Arizona.
  • In June 2022, Shimadzu Corporation launched the AA-7800 series atomic absorption spectrophotometers. The AA-7800 series is used for quality control in the raw material, food, and for inspecting water quality and hazardous substances in soil thus presenting an advantage in heavy metal testing of cannabis.

Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=46932450

Cannabis Testing Market – Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall cannabis testing market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers: 

  • Analysis of key drivers (increasing legalization of medical and recreational cannabis, increasing use of cannabis for medicinal applications and technological advancements in testing technologies), restraints (lack of standardization and investment risks due to regularization), opportunities (untapped markets in emerging economies and research collaborations) and challenges (high setup costs) are influencing the growth of cannabis testing market.
  • Product Development/Innovation: Detailed insights on newly launched products of the cannabis testing market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the cannabis testing market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the cannabis testing market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players include Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg) among others in the cannabis testing market.

Related Reports:

Drug Screening Market – Global Forecasts to 2029

Laboratory Proficiency Testing Market – Global Forecasts to 2028

Life Science Instrumentation Market – Global Forecasts to 2028

Digital PCR Market – Global Forecasts to 2028

Flow Cytometry Market – Global Forecasts to 2028

Get access to the latest updates on Cannabis Testing Companies and Cannabis Testing Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/cannabis-testing-market-worth-4-0-billion–marketsandmarkets-302154066.html

Continue Reading

Cannabis

Solei Brand Introduces New Cannabis-Infused ‘Warming Deep Tissue Stick’

Published

on

Continue Reading

Cannabis

Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives

Published

on

Continue Reading

Trending on Grassnews

GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

Contact us: [email protected]

Editorial / PR Submissions

Copyright © 2007 - 2024 Hipther Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania