Cannabis
Nextleaf to Launch Glacial Gold Softgels and Provides Corporate Update
Vancouver, British Columbia–(Newsfile Corp. – April 28, 2022) – Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) (“Nextleaf“, or the “Company“), a federally regulated manufacturer and distributor of cannabis vapes and oils, is pleased to announce the launch of Glacial Gold™ softgels.
The announcement of the new softgel product signifies the Company’s expansion into the “Capsules” category. Launching this summer, Glacial Gold™ softgels will provide unparalleled value in quality and price per milligram compared to other regulated capsules and edible products. Glacial Gold™ softgels will be made with high-purity cannabis distillate in a base of organic coconut MCT oil expertly encapsulated for a premium consumption experience, without premium pricing.
While softgels utilizing THC, CBD, and other rare-cannabinoids as ingredients are relatively new to consumers as a regulated adult-use product, the global softgel market is estimated to reach $9.59 billion (USD) by 2027[1]. THC and CBD softgels offer consumers a familiar alternative in an easy-to-dose format.
By controlling the price and quality of ingredients with Nextleaf’s patented high-efficiency processing technology, the Glacial Gold™ brand is being positioned as a price-point and value leader in distillate focused product categories, including vape, oils, and softgels. Glacial Gold™ is the #2 selling brand in CBD & balanced oils by revenue in British Columbia.
Glacial Gold – Experience The Legacy
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Executive Officer Update
Nextleaf is pleased to announce the addition of Kevin Keagan to its executive team and board of directors.
As the incoming Chief Financial Officer (“CFO”), Kevin Keagan brings over 20 years of experience as a business executive holding various senior finance and leadership roles across multiple industries including cannabis and capital markets. Mr. Keagan brings deep expertise in capital management, compliance, manufacturing, contract management, pricing strategy, and corporate finance.
“As we continue our commercial ramp up and scale our fundamentals – driven by leveraging our significant IP portfolio, increasing distribution of Glacial Gold products, and accelerating our cannabinoid ingredient supply business, Kevin’s experience will help ensure that Nextleaf is well positioned to execute on our strategic plans to build a profitable future,” said Paul Pedersen, CEO of Nextleaf.
Charles Ackerman will transition out of his role as CFO and director of the company as of April 28th, 2022. Mr. Ackerman will continue to support the company’s finance department as well as serve as a key strategic advisor to senior management. Nextleaf is deeply appreciative of the hard work and dedication Mr. Ackerman has shown since inception and public listing.
“As founding CFO, Charles’s leadership and energy was key as we transformed an idea into a national distributor of category leading consumer products built on one of the largest global cannabinoid patent portfolios in the world. We are excited to have Charles remain a stakeholder contributing to our future strategic plans and growth,” said CEO Paul Pedersen.
Nextleaf Board Member Dr. Sherry Boodram to Host Cannabis Industry Conference
Dr. Sherry Boodram, leading expert in cannabis and psychedelic science and regulation, and CEO of CannDelta, will host and lead panels during the Lift&Co. Cannabis Business Conference on Thursday, May 12th in Toronto.
Dr. Sherry Boodram has served as an independent board member of Nextleaf since October of 2019. Prior to founding CannDelta, Dr. Boodram spent several years in the Canadian federal government, most notably with Health Canada’s Medical Cannabis Program and Controlled Substances Program as a Senior Regulatory Compliance and Enforcement Officer. Sherry was responsible for licensing application reviews and on-site facility inspections under the legislative regimes of the Marihuana for Medical Purposes Regulations (MMPR), Access to Cannabis for Medical Purposes Regulations (ACMPR), and the Controlled Drugs and Substances Act. Dr. Boodram holds a Ph.D. in Chemistry from York University, a Certificate in Cannabis Law and Regulation from Osgoode Hall Law School of York University, and a Graduate Certificate with Honours in Pharmaceutical Regulatory Affairs and Quality Operations from Seneca College. Dr. Boodram is also an elected board member of the Canadian Association of Professionals in Regulatory Affairs (CAPRA).
Nextleaf CEO Paul Pedersen to Speak at Lift&Co. Expo
Nextleaf CEO Paul Pedersen will speak on “The Future for Edible Products” panel at the Lift&Co. Cannabis Expo in Toronto on Sunday, May 15, 2022. If you would like to attend or learn more, please visit: https://liftexpo.ca/
About Nextleaf®
Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand, Glacial Gold™. The Company’s multi-patented ingredient processing technology transforms cannabis and hemp biomass into high-purity distillate at an industrial scale. Nextleaf is a low-cost producer of cannabis oils, and supplier of THC and CBD ingredients to qualified wholesale partners across Canada. Nextleaf is the first publicly traded company to be issued a U.S. patent for the industrial extraction and purification of cannabinoids. The Company has been issued 18 U.S. patents, and over 95 patents globally, on cannabinoid processing including distillation and acetylation. Nextleaf develops proprietary cannabinoid-based formulations and delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing. For more information visit www.nextleafsolutions.com and www.Glacial.Gold
Nextleaf Solutions trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.
Follow the Company: Twitter, LinkedIn, Facebook, and Instagram.
Follow Glacial Gold™: Instagram, Twitter, and Facebook.
Jason McBride, Corporate Development
604-283-2301 (ext. 219)
[email protected]
On behalf of the Board of Directors of the Company,
Paul Pedersen, CEO
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The CSE has not reviewed or approved the contents of this press release.
[1] https://www.fortunebusinessinsights.com/softgel-capsules-market-103353
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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.
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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.
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Cannabis Testing Market Dynamics:
Drivers:
- Increasing legalization of medical and recreational cannabis
- Increasing use of cannabis for medicinal applications
- Technological advancements in testing technologies
Restraints:
- Lack of standardization
- Investment risks due to regularization
Opportunities:
- Untapped markets in emerging economies
- Research collaborations
Challenge:
- 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.
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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
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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.
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