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cbdMD Stabilizes Revenue and Significantly Improves Operating Results

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Company reduces annualized SG and A expenses $24 million year over year

Charlotte, North Carolina–(Newsfile Corp. – May 15, 2023) – cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), one of the nation’s leading and most highly trusted and recognized CBD companies, and operator the leading CBD brands – including its flagship brand cbdMD, and its animal health brand Paw CBD, today announced our second quarter of fiscal 2023 results.

For the second quarter of fiscal 2023 GAAP Net Loss improved to $1.4 million on sales of $6.2 million as compared to a $5.0 million Net Loss on sales of $9.6 million in the prior year comparative quarter. Year over year saw significant improvements in SG&A costs.

“While we still have more work left to do, we are excited about the progress we made during the second fiscal quarter. This is one of the best operating results we have had since the Company acquired the cbdMD brand. We are incredibly proud of our team’s efforts during the quarter to stabilize our revenue sequentially, while we reduced SG&A expenses by an annualized $24 million year over year. We continue to take steps to improve our business and continue to lay the groundwork during the third quarter that will have an increasing positive impact on the business during the balance of the calendar year,” says Ronan Kennedy, cbdMD’s Interim CEO and CFO.

Financial Highlights from our Second Quarter of Fiscal 2023:

  • We reported that our net sales for the March 31, 2023 quarter were $6.2 million versus net sales of $6.1 million quarter ending December 31, 2022, an increase of 2.5%. Our net sales for the quarter ended March 31, 2023 were down 35% compared to the prior year quarter ended March 31, 2022. For the 6 months ending March 31, 2023 we reported net sales of $12.3 million as compared to $18.9 million in the prior year comparative period.
  • We reported that our quarter ending March 31, 2023 direct to consumer (DTC) net sales were $4.9 million, versus $6.5 million for our quarter ending March 31, 2022, or a year over year decline of 26%. Our e-commerce net sales were flat sequentially.
  • We reported that our quarter ending March 31, 2023, wholesale sales (including brick and mortar retail customers) were $1.35 million, versus $1.2 million for quarter ending December 31, 2022 or sequential increase of 15%. Wholesale net sales were down 56% compared to the prior year quarter ended March 31, 2022.
  • For the quarter ending March 31, 2023, the Company continued delivering on cost rationalizations and recorded SG&A Costs of $5.4 million for the quarter as compared to $11.5 million in the prior year period. SG&A has improved $6.0 million compared to the prior year quarter ended March 31, 2022, this represents $24 million in annualized spend reductions.
  • We reported GAAP loss from operations of approximately $1.34 million for the quarter ending March 31, 2023 compared to a $5.3 million loss from operations for our quarter ending March 31, 2022, an improvement of approximately $3.6 million or 72% year over year. For the six months ending March 31, 2023, we reported loss from operations of approximately $5.4 million as compared to $30.2 million for the prior year comparative period.
  • We reported non-GAAP adjusted operating loss of approximately $0.8 million in our March 31, 2023 quarter, compared to $3.6 million for the March 31, 2022 quarter. Sequentially we improved $1.8 million. This reduction was primarily related to management’s actions taken to right size our cost structure over the last few quarters. For the six months ended March 31, 2023 we reported non-GAAP adjusted operating loss of $3.5 million as compared to $8.8 million in the prior year comparative period.

Highlights for the Second Quarter and Notable Business Updates

  • cbdMD Therapeutics completed our pet clinical study and results indicated our proprietary broad spectrum improves mobility and gait in dogs. Additionally, owners reported lower observation of pain and improved quality of life. The data is currently being used to support product development and marketing campaigns. After we publish our findings sometime in fiscal 2023, the data will be used to support the submission of structure function claim notifications to FDA.
  • Adara Acquisition Corporation completed its merger with Alliance Entertainment Inc. on February 10th, 2023 and the Company received back its $1 million investment in Adara Sponsor, LLC.
  • The Company launched its third NSF for sport product, our 1500mg broad spectrum gummy. Not only was the first to commercialize NSF for Sport CBD Product it is the only certified gummy product on the market and at the highest concentration on the market.
  • The Company also launched its first products on Amazon; the UK Amazon launch expands cbdMD’s reach into the UK market.
  • On April 24, 2023, the Company completed its one-for-forty five reverse stock split of the Company’s issued and outstanding shares of common stock.
  • On May 3, 2023, the Company completed an underwritten public offering of 1,350,000 shares of its common stock at a public offering price of $2.10 per share. Gross proceeds from the offering before deducting underwriting discounts and commissions and offering expenses were approximately $2.8 million. After the public offering the Company has over $4 million in cash.

We will host a conference call at 4:15 p.m., Eastern Time, on Monday, May 15, 2023, to discuss our March 31, 2023, second quarter financial results and business progress.

CONFERENCE CALL DETAILS

Monday May 15, 4:15 p.m. Eastern Time
    
USA/Canada: 800-319-4610
    
International: 604-638-5340
Teleconference Replay dial in:
USA/Canada: 855-669-9658
International: 412-317-0088
Replay Passcode: 9893
Webcast/Webcast Replay link- available through May 15, 2024: https://www.gowebcasting.com/12471

 

About cbdMD, Inc.

cbdMD, Inc. is one of the leading and most highly trusted and most recognized cannabidiol (CBD) brands with a comprehensive line of U.S. produced, THC-free1 CBD products as well as our new Full Spectrum products. Our cbdMD brand currently includes high-grade, premium CBD products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD sleep aids and CBD drink mixes and an array of Farm Act compliant Delta 9 products. Our Paw CBD brand of pet products includes veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and our CBD Botanicals brand of beauty and skincare products including facial oil and serum, toners, moisturizers, clear skin, facial masks, exfoliants and body care. To learn more about cbdMD and our comprehensive line of U.S. grown, THC-free1 CBD oil and Full Spectrum products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook, or visit one of the thousands of retail outlets that carry cbdMD’s products.

Forward-Looking Statements

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified using words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. You are urged to carefully review and consider any cautionary statements, including but not limited to expectations on our ability to continue as a going concern, increasing our revenues, cost reductions, potential need for additional working capital, future profitability, results from clinical studies and other disclosures, including the statements made under the heading “Risk Factors” in cbdMD, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 as filed with the Securities and Exchange Commission (the “SEC”) on December 15, 2022 and as amended on December 20, 2022 and May 3, 2023 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.

1 THC-free is defined as below the level of detection using validated scientific analytical methods.

Non-GAAP Financial Measures

This press release includes a financial measure that excludes the impact of certain items and therefore has not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). cbdMD, Inc. has included adjusted loss from operations because management uses this measure to assess operating performance in order to highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The adjusted operating loss has not been prepared in accordance with GAAP. This non-GAAP financial measure should not be considered as an alternative to, or more meaningful than, net loss from operations as an indicator of our operating performance. Further, this non-GAAP financial measure, as presented by cbdMD, Inc., may not be comparable to similarly titled measures reported by other companies. cbdMD, Inc. has attached to this press release a reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

cbdMD, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2023 AND SEPTEMBER 30, 2022
(Unaudited)
March 31, September 30,
2023 2022
Assets
  
     
Cash and cash equivalents $ 1,718,552 $ 6,720,234
Accounts receivable 1,161,553 1,447,831
Accounts receivable – discontinued operations 1,375
Marketable securities, at cost
Investment other securities 1,000,000
Inventory 4,531,890 4,767,373
Prepaid sponsorship 92,755 1,372,845
Prepaid expenses and other current assets 2,641,452 701,945
Total current assets 10,146,202 16,011,603
         
Other assets:    
Property and equipment, net 798,177 823,310
Operating lease assets 3,921,195 4,477,841
Deposits for facilities 138,708 244,606
Intangible assets 17,279,840 17,834,549
Investment in other securities, noncurrent 1,400,000 1,400,000
Total other assets 23,537,920 24,780,306
      
Total assets






$ 33,684,122 $ 40,791,909
   
CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2022 AND SEPTEMBER 30, 2022
(continued)
   









(Unaudited)  









March 31, September 30,









2023 2022
Liabilities and shareholders’ equity




   
        
Current liabilities:    
Accounts payable $ 1,337,611 $ 2,036,558
Deferred revenue 2,107,179 2,060,762
Accrued expenses 1,227,249 1,178,683
Note payable 7,375 9,609
Total current liabilities





4,679,414 5,285,612
   
Long term liabilities:    
Long term liabilities 125,491
Operating leases – long term portion 3,051,484 3,680,375
Contingent liability 167,000 276,000
Total long term liabilities 3,218,484 4,081,866
   
Total liabilities




7,897,898 9,367,478
            
shareholders’ equity:    
Preferred stock, authorized 50,000,000 shares, $0.001    
par value, 5,000,000 and 500,000 shares issued and outstanding, respectively 5,000 5,000
Common stock, authorized 150,000,000 shares, $0.001    
par value, 1,456,693 and 1,348,125 shares issued and outstanding, respectively 1,457 1,348
Additional paid in capital 180,497,196 178,841,646
Accumulated deficit (154,717,429 ) (147,423,563
Total shareholders’ equity



25,786,224 31,424,431
            
      
Total liabilities and shareholders’ equity




$ 33,684,122
$ 40,791,909

 

cbdMD, INC.    
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2023 and 2022    
     
  (Unaudited)   (Unaudited)  
  Three months Three months Six Months Six Months
  Ended Ended Ended Ended
  March 31, March 31, March 31, March 31,
  2023 2022 2023 2022
         
Gross Sales $ 6,584,666 $ 9,948,858 $ 12,825,191 $ 19,805,625
Allowances (344,646 ) (319,972 ) (499,954 ) (854,917 )
Total Net Sales 6,240,020 9,628,886 12,325,237 18,950,708
Cost of sales 2,224,512 3,186,564 4,741,964 7,514,874
             
Gross Profit 4,015,508 6,442,322 7,583,273 11,435,834
            
Operating expenses 5,416,151 11,452,700 13,030,097 23,407,984
Impairment of Goodwill and other intangible assets 18,183,285
Loss from operations (1,400,643 ) (5,010,378 ) (5,446,824 ) (30,155,435 )
Realized and Unrealized loss on marketable and other securities (33,352 )
Decrease of contingent liability 48,000 353,000 107,000 6,303,000
Other income 17,787 2,249 49,543 72,987
Interest income (expense) (1,946 ) (2,086 ) (4,583 ) (5,320 )
Loss before provision for income taxes (1,336,802 ) (4,657,215 ) (5,294,864 ) (23,818,120 )
             
Benefit for income taxes
Net Loss (1,336,802 ) (4,657,215 ) (5,294,864 ) (23,818,120 )
   
       
Preferred dividends 1,000,500 1,000,502 2,001,002 2,001,002
    
       
Net Loss available to cbdMD, Inc. common shareholders $ (2,337,302 ) $ (5,657,717 ) $ (7,295,866 ) $ (25,819,122 )
              
Net Loss per share:        
Basic earnings per share (1.74 ) (4.32 ) (5.43 ) (19.67 )
Diluted earnings per share (1.74 ) (4.32 ) (5.43 ) (19.67 )
Weighted average number of shares Basic: 1,345,589 1,310,378 1,343,394 1,312,755
Weighted average number of shares Diluted: 1,345,589 1,310,378 1,343,394 1,312,755

 

cbdMD, INC.    
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS    
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2023 and 2022    
                  
       
  (Unaudited)   (Unaudited)    
  Three months Three months Six Months Six Months  
  Ended Ended Ended Ended
  March 31, March 31, March 31, March 31,  
  2023 2022 2023 2022  
                                
Net Loss $ (1,336,802 ) $ (4,657,215 ) $ (5,294,864 ) $ (23,818,120 )
Comprehensive Loss (1,336,802 ) (4,657,215 ) (5,294,864 ) (23,818,120 )
                        
Preferred dividends (1,000,500 ) (1,000,502 ) (2,001,002 ) (2,001,002 )
Comprehensive Loss attributable to cbdMD, inc. common shareholders $ (2,337,302 ) $ (5,657,717 ) $ (7,295,866 ) $ (25,819,122 )

 

cbdMD, INC.  
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS  
FOR THE SIX MONTHS ENDED MARCH 31, 2023 and 2022  
(Unaudited)
Six Months Six Months
Ended Ended
March 31, March 31,
2023 2022
             
Cash flows from operating activities:  
Net Loss $ (5,292,864 ) $ (23,818,120 )
Adjustments to reconcile net loss to net    
cash used by operating activities:    
Stock based compensation 96,216 797,096
Restricted stock expense 100,249 837,267
Write off of prepaid assets due to termination of contractual obligation 884,892
Issuance of stock for services 1,459,193
Marketing stock amortization 339,520
Inventory and materials impairment 878,142
Intangibles Amortization 554,709 329,671
Depreciation 100,112 600,750
Impairment of goodwill and other intangible assets 18,183,285
Decrease in contingent liability (109,000 ) (6,303,000 )
Realized and unrealized loss of Marketable and other securities 33,352
Amortization of operating lease asset 556,646 589,291
Changes in operating assets and liabilities:    
Accounts receivable 286,278 (932,230 )
Deposits 105,898 390,875
Inventory 135,176 (569,316 )
Prepaid inventory 100,307 32,391
Prepaid expenses and other current assets (1,544,308 ) 354,752
Accounts payable and accrued expenses (855,872 ) (1,129,614 )
Operating lease liability (580,325 ) (595,457 )
Deferred revenue / customer deposits 203,341 10,723
Collection on discontinued operations accounts receivable 1,375 9,592
Deferred tax liability
Cash used by operating activities (3,797,977 ) (10,670,537 )
             
Cash flows from investing activities:    
Other securities 1,000,000 (373,795 )
Purchase of property and equipment (74,980 )
Cash flows from investing activities 925,020 (373,795 )
     
Cash flows from financing activities:    
Proceeds from issuance of preferred stock
Note payable (127,725 ) (29,240 )
Preferred dividend distribution (2,001,000 ) (2,001,002 )
Cash flows from financing activities (2,128,725 ) (2,030,242 )
Net increase (decrease) in cash (5,001,682 ) (13,074,574 )
Cash and cash equivalents, beginning of period 6,720,234 26,411,424
Cash and cash equivalents, end of period $ 1,718,552 $ 13,336,850
           
             
        
Supplemental Disclosures of Cash Flow Information:    
2022 2021
   
Cash Payments for:    
Interest expense $ 2,638 $ 4,173
                
Non-cash financial activities:    
Issuance of Contingent earnout shares: $ $ 730,000  

 

cbdMD, Inc.    
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF NON-GAAP ADJUSTED LOSS FROM OPERATIONS
(unaudited)  
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2023 2022 2023 2022
GAAP (loss) from operations $ (1,400,643 ) $ (5,010,378 ) $ (5,446,824 ) $ (30,155,435 )
Adjustments:        
Depreciation & Amortization 379,744 600,750 757,210 600,750
Employee and director stock compensation (1) 117,821 754,207 254,965 1,634,363
Other non-cash stock compensation for services (2) 884,892
Inventory adjustment (3) 878,142
Impairment of goodwill and other intangible assets (4) 18,029,000
Accrual for severance 22,500 129,761 22,500
a360 trade credit 107,608 107,608
Accrual / expenses for discretionary bonus 150,000
Non-GAAP adjusted (loss) from operations $ (795,470 ) $ (3,632,921 ) $ (3,312,387 ) $ (8,840,680 )

 

(1) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period.
(2) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period.
(3) Represents an operating expense related to inventory loss related to regulatory changes impacting labels and packaging and obsolete/expired inventory.
(4) Represents non-cash impairment of the cbdMD trademark of $4,285,000 and $13,898,285 of goodwill impairment during the first fiscal quarter of 2022.

Contacts:

Investors:
cbdMD, Inc.
Ronan Kennedy
Interim Chief Executive Officer and Chief Financial Officer
[email protected]
(704) 445-3064

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166172

Cannabis

Cannabis Testing Market Worth $4.0 billion | MarketsandMarkets™

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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.

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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.

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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

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.

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

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

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