Cannabis
Cannabis Testing Market: Distribution by Type of Cannabis Tested, Type of Sample Tested, Company Size, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035
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New York, May 25, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cannabis Testing Market: Distribution by Type of Cannabis Tested, Type of Sample Tested, Company Size, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” – https://www.reportlinker.com/p06458561/?utm_source=GNW
Studies have shown that cannabis can provide substantial relief from adverse effects, such as chemotherapy-induced nausea and chronic pain associated with multiple sclerosis. In fact, three cannabis-derived prescription medications have already been approved for sale across the US. Further, the recent legalization of cannabis across several countries, including Canada, Germany and Thailand, has prompted several stakeholders to develop and manufacture cannabis-infused products. However, the illicit market with questionable product quality still remains the primary source of cannabis and cannabis-infused products for the masses. Further, the high potency of the cannabinoids and presence of contaminants, including microbes, pesticides, heavy metals and residual solvents in cannabis-infused products, compromise their shelf life as well as the consumer safety. This inherent lack of quality raises various concerns, challenging the future of this market. In order to overcome these challenges, it becomes imperative that cannabis-infused products comply with the regulatory standards, stringent testing protocols to maintain the safety thresholds and protect consumer health. With rise in demand for safe and compliant cannabis-infused products, the cannabis testing market is anticipated to witness steady growth in the upcoming decade, offering various testing solutions to a number of end-users, including cultivators, product manufacturers, and research institutes.
SCOPE OF THE REPORT
The Cannabis Testing Market: Distribution by Type of Cannabis Tested (Medical Cannabis and Recreational / Adult-use Cannabis), Type of Sample Tested (Flowers, Extracts, Edibles and Other Type of Samples), Company Size (Small, Mid-sized and Large Companies), and Key Geographical Regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and North Africa): Industry Trends and Global Forecasts, 2023-2035 report features an extensive study of the current market landscape and the likely future potential of the cannabis testing market, over the next 12 years. It highlights the efforts of various stakeholders engaged in this rapidly emerging segment of the cannabis testing industry. Key inclusions of the report are briefly discussed below.
Growing Demand for Cannabis Legalization and Cannabis-infused Products
There has been a steady increase in the consumption of cannabis, also known as marijuana; since 2018, the number of young-adults consuming the plant in any form has increased by 5%. Moreover, the consumption of cannabis increased by 20% during the COVID-19 pandemic. Presently, many countries have legalized medicinal use of cannabis, while 10 such countries have also approved recreational use of the plant. According to the National Organization for the Reform of Marijuana Laws, there were at least 21 US states and District of Columbia that have legalized medical cannabis or adult-use cannabis. Consequently, there is an increasing demand for a diverse range of cannabis-infused products (in terms of applications, medical or recreational), including tinctures, salves, edibles, vape oils and raw plant materials. In order to ensure the quality of different cannabis-infused products, over 350 cannabis testing labs equipped with novel equipment and software have been established globally. These cannabis testing labs provide regulatory-compliant testing of the products, ensuring quality and consumer safety. All these developments have paved way for growth in the cannabis / marijuana testing market.
Need for Cannabis Testing Labs
The recent legalization of medicinal cannabis across the US and many other regions, coupled with the decriminalization of the plant for recreational use, has revolutionized the field. Stringent regulatory standards have been imposed in order to ensure the quality of the product and safety of consumers. To comply with these regulatory standards, an increasing number of cultivators, manufacturers and research institutes are leveraging the superior technical expertise of cannabis testing labs. These service providers offer analysis along with options for testing multiple product samples / final products with quick turnaround times, aiding the quality compliance of the products, as well as fortifying consumer safety. In some US states, such as Massachusetts, the cannabis testing labs have also come together to form an association, showing their responsibility towards building a safe market for the consumers.
Growing Number of Cannabis Testing Labs
The cannabis testing market features more than 160 companies that claim to possess the necessary technical expertise for providing testing services for cannabinoid potency and contaminants, catering to the biopharmaceutical, agricultural and food industries. The market is currently dominated by small companies (1-50 employees), which represent 44% of the total number of players. It is interesting to highlight that companies testing medical-grade cannabis products represent more than 75% of the total players in this market. In addition, recent developments in this industry indicates that substantial number of analytical laboratories have included testing of recreational / adult-use cannabis in their service portfolios. In June 2022, Trichome Analytical became the first cannabis testing lab to receive license for adult-use cannabis testing in New Jersey. In the same month, Bia Diagnostics received license for adult-use cannabis testing in the state of Vermont, which legalized the use of adult-use cannabis in 2018, but the adult-use dispensaries started selling marijuana for recreational purpose in October 2022.
It is also worth highlighting that close to 40 companies world-wide offer cannabis testing products, including analytical instruments, consumables, reagents, and software solutions to these cannabis testing labs. Notably, more than 25% of these players also offer cannabis testing services along with testing products. The increasing number of cannabis testing labs across the world, serving the growing cannabis market, will drive the market to grow at a CAGR of ~22% over the forecast period.
Key Challenges in the Cannabis Testing Market
The legalization of cannabis across the globe has led to an increase in the number of cannabis products that comply with regulatory requirements and are safe for human consumption. However, the testing protocols for such products are not standardized across different labs. In addition to this, the market is witnessing various kinds of matrices including candles, edibles, transdermal patches and e-liquids infused with cannabis, which needs a different testing procedure to be followed. This results in inconsistent testing results, compromising the product quality and subsequently, consumer safety. While service providers are striving to tackle these challenges through innovation in design and standardization of methods, the increasing costs of procuring novel equipment and ensuring that they align with the customers’ budget, remain a pressing concern. Stringent regulations, including lab accreditations, will be imperative to ensure consumer safety, specifically in the next 2-3 years as medical cannabis / adult-use cannabis is being legalized in several countries. However, these can restrict the market growth potential of cannabis testing labs.
Market Size of the Cannabis Testing Services Market
Driven by the rising demand for novel cannabis-infused medicinal and recreational products, the cannabis testing services market is anticipated to witness noteworthy growth in the foreseen future. Specifically, in terms of type of cannabis tested, the market is anticipated to be driven by the high demand for medicinal cannabis. Currently, majority of the revenues are generated from the testing of flower samples; however, in the near future, market for testing extracts and edibles is anticipated to grow at a relatively higher CAGR.
Emerging Markets to Drive Cannabis Testing Market Growth
At present there are limited cannabis testing labs in the emerging markets of Latin America, Asia-Pacific, and Africa. South Africa’s first cannabis testing lab was opened by Afriplex in March 2019. Since then, several other laboratories like Qure and CannaLab have set up operations in the country. In Latin America, Colombia is anticipated to cater over 40% of the global medical cannabis demand. Presently, under Asia-Pacific, Australia legalized the use of cannabis for recreational applications in 2016; Thailand legalized the plant for medical use in 2018. Following this, it is expected that more countries across the region will legalize the plant for either medical or recreational use in the foreseen future.
Although North America holds the largest share of the cannabis testing market at present, the emerging markets will push the market growth as these markets look to regulate their cannabis industry.
Emerging Trends in Cannabis Testing Market
In recent years, the cannabis testing market has witnessed various innovations in testing equipment as well as integration of software solutions in the laboratory workflow. Novel techniques, such as chromatographic methods in parallel with UV spectrometric analysis, improve the overall accuracy and sensitivity of the analytical assays. The integration of laboratory information management systems (LIMS) enables better customer relationship management, enterprise resource management, and overall product outcomes. Moreover, it offers uniform testing results, improved adherence to the regulatory standards, and a higher rate of efficiency. Further, stakeholders in this market have forged several strategic alliances in order to enhance their existing service portfolios and consolidate their presence within the industry. It is worth highlighting that most of these partnership agreements inked were mergers and acquisitions of other key players in the industry. For instance, in January 2023, GrowerIQ partnered with High North Laboratories, to improve the testing processes offered by High North enabling the seamless testing and regular data integration with GrowerIQ’s digital record.
Key Players Engaged in Cannabis Testing Market
Examples of key players engaged in this market (which have also been captured in this report) include Abko Labs, ACT Laboratories, BelCosta Labs, CDX Analytics, Digipath, LGC, Medicinal Genomics, SGS, Steep Hill and Tentamus.
Amongst other elements, the report includes:
An executive summary of the insights captured during our research. It offers a high-level view on the current state of the cannabis testing market and its likely evolution in the mid-long term.
A general introduction to cannabis testing, along with details related to the applications and needs for testing cannabis infused products. In addition, this section presents information on different types of testing protocols mandated by the regulatory authorities to ensure consumer safety. Further, it concludes with a discussion on the emerging trends in cannabis testing and future perspectives in this market.
A detailed assessment of the overall market landscape of cannabis testing labs based on several relevant parameters, such as year of establishment, company size (in terms of employee count), location of headquarters, type of offering(s) (cannabis testing services or cannabis testing services & products), type of company (private company or public company), number of facilities (less than 5 facilities, 5 to 10 facilities, and more than 10 facilities), type of accreditation(s) / certification(s) (ISO, PJLA, DEA, A2LA, USDA, FDA, ELAP, AOAC, CDPHE, UKAS, NCIA, NELAP, DCC, ORELAP, HIA, CLIA, ANAB ANSI, and Others), number of accreditation(s) / certification(s) (less than 5 accreditations, 5-10 accreditations, and undisclosed), type of testing solution(s) offered (potency testing, terpenes testing, microbial analysis, pesticides testing, residual solvent testing, heavy metals testing, mycotoxins testing, moisture analysis, DNA genotyping, vitamin E acetate testing, and flavonoid testing), type of sample(s) tested (edibles & infused products, cannabis bud / flower, cannabis extract / concentrates, and cannabis oil), type of cannabis and hemp tested (medical cannabis, hemp, recreational / adult-use cannabis, and others), and end-user(s) (cannabis cultivators / growers, cannabis drug / product manufacturers, cannabis edible manufacturers, and other research institutes).
An insightful competitiveness analysis of cannabis testing labs based on company strength (in terms of years of experience), portfolio strength (in terms of type of company, number of facilities, type of offerings, number of testing solutions offered, number of samples tested, type of cannabis and hemp tested, and number of end-users) and number of accreditations / certifications.
Elaborate profiles of key cannabis testing labs (shortlisted based on a proprietary criterion); each profile includes a brief overview of the company, along with information on its financial information (if available), service portfolio, recent developments and an informed future outlook.
A detailed assessment of the overall market landscape of cannabis testing product providers, based on several relevant parameters, such as their year of establishment, company size (in terms of employee count), location of headquarters, type of offering(s) (cannabis testing products or cannabis testing services & products), type of testing product(s) offered (analytical instruments, consumables, reagents and additional software solutions), type of analytical instrument(s) offered (chromatography instruments, spectroscopy instruments and others), and type of additional software solution(s) offered (Laboratory Information Management System (LIMS), Customer Relationship Management (CRM), Enterprise Resource Planning (ERP)).
A detailed analysis of the partnerships that have been inked within the cannabis testing market, since 2018, based on several relevant parameters, such as year of partnership, type of partnership (mergers and acquisitions, research and development agreements, service alliances, technology integration agreements, distribution agreements, licensing agreements and other agreements), type of partner (industry and non-industry), geographical location of the companies involved, and most active players (in terms of number of partnerships).
An in-depth analysis of recent events (webinars / conferences / expos / summits) that were organized across different regions of the globe for stakeholders in this market, based on several relevant parameters, such as year of event, event platform, type of event, year and type of event, distribution of events by geography, evolutionary trends in event agenda / key focus area, most popular event organizers, most active industry players, most active non-industry players, most active speakers (in terms of number of events), details of the designation of speakers, affiliated department of event speakers and a geographical mapping of upcoming events.
One of the key objectives of the report was to estimate the current opportunity and the future growth potential of the cannabis testing market over the coming years. We have provided an informed estimate on the likely evolution of the market for the period 2023-2035. Our year-wise projections of the current and forecasted opportunity have been further segmented based on relevant parameters, such as type of cannabis tested (medical cannabis and recreational / adult-use cannabis), type of sample tested (flowers, extracts, edibles and other types of samples), company size (small, mid-sized and large companies), and key geographical regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and North Africa). In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic scenarios of the industry’s evolution.
The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders in this industry. The report features detailed transcripts of interviews held with the following individuals (in alphabetical order):
Catherine Wilson (Managing Director, Hip Services)
Laura Willoughby (Co-founder and Director of Partnerships, Club Soda)
Markus Roggen (President, Chief Scientific Officer, DELIC Labs)
Nicholas Clarkson (Chief Scientific Officer, PhytoVista Laboratories)
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.
RESEARCH METHODOLOGY
The data presented in this report was gathered via primary and secondary research. For all our projects, we conduct interviews / surveys with reputed industry experts (academia, industry, medical practice and other associations) to solicit their opinions on emerging trends in the market. This is primarily useful for us to draw out our own opinion on how the market will evolve across different regions and technology segments. Wherever possible, the available data has been checked for accuracy from multiple sources of information.
The secondary sources of information include:
Annual reports
Investor presentations
SEC filings
Industry databases
News releases from company websites
Government policy documents
Industry analysts’ views
While the focus has been on forecasting the market till 2035, the report also provides our independent view on various technological and non-commercial trends emerging in the industry. This opinion is solely based on our knowledge, research and understanding of the relevant market gathered from various secondary and primary sources of information.
KEY QUESTIONS ANSWERED
Question 1: What are the medical applications of cannabis?
Answer: The consumption of cannabis has shown therapeutic efficacy against chronic pain associated with cancer, chemotherapy-induced nausea, epilepsy and multiple sclerosis. Moreover, the plant has also been used to treat certain neurodegenerative disorders including Tourette syndrome, Huntington’s disease, Parkinson’s disease, post-traumatic stress syndrome (PTSD), anxiety, depression as well as sleep disorders.
Question 2: Which countries have legalized cannabis for medical use?
Answer: Examples of countries that have legalized the use of cannabis for medical purposes include Argentina, Australia, Canada, Chile, Colombia, Croatia, Cyprus, Czechia, Denmark, Finland, Germany, Greece, Israel, Italy, Jamaica, Lesotho, Luxembourg, Macedonia, Malta, Mexico, the Netherlands, Norway, Peru, Poland, Romania, San Marino, Switzerland, Turkey, Uruguay, the US and Zimbabwe.
Question 3: Which are the top players in the cannabis testing market?
Answer: Presently, more than 160 companies are engaged in providing cannabis testing services worldwide. Examples of top players engaged in this market (which have also been captured in this report) include Abko Labs, ACT Laboratories, BelCosta Labs, CDX Analytics, Digipath, LGC, Medicinal Genomics, SGS, Steep Hill and Tentamus.
Question 4: What are the various factors driving cannabis testing market?
Answer: The factors driving the cannabis testing market include increasing legalization of cannabis across different regions and surge in demand for novel biopharmaceuticals and other products infused with cannabis extracts, such as tinctures and gummies.
Question 5: Which region has the highest market share in cannabis testing market?
Answer: North America captures around 58% share in the current cannabis testing services market. It is worth highlighting that Asia-Pacific is anticipated to grow at the highest growth rate.
Question 6: Which are the leading market segments of the cannabis testing market?
Answer: Currently, in terms of the type of sample tested, flower samples capture the largest share of this market. However, extracts are likely to witness higher annual growth rates in the upcoming years, owing to their more demand and increased utilization in different cannabis-infused products. Further, in terms of the type of cannabis tested, medical cannabis is anticipated to capture a prominent share of the current and future market.
Question 7: What is the growth rate (CAGR) of the cannabis testing market?
Answer: The cannabis testing services market size is projected to grow at a CAGR of ~22% in the coming years.
Question 8: What are the upcoming trends in the cannabis testing market?
Answer: The legalization of cannabis has witnessed a substantial traction in the last few decades. In fact, the demand for medicinal cannabis and recreational cannabis-infused products has also increased. In order to ensure that these products are compliant with the regulatory standards and testing protocols run within the precise time limits with optimized accuracy, several players have integrated software solutions in the laboratory workflow that offer various additional benefits, such as laboratory information management, improving customer relationship and increasing the overall productivity of the labs by reducing turnaround times.
CHAPTER OUTLINES
Chapter 1 provides an introduction to the scope of Cannabis Testing Market, 2023-2035 report.
Chapter 2 is an executive summary of the insights captured during our research, offering a high-level view on the current state of the cannabis testing market and its likely evolution in the mid-long term.
Chapter 3 provides a general introduction to cannabis testing, along with details related to the applications and needs for testing cannabis infused products. Additionally, the chapter presents information on different types of testing protocols mandated by the regulatory authorities to ensure consumer safety. Further, it concludes with a discussion on the emerging trends in cannabis testing and future perspectives in this industry.
Chapter 4 provides a detailed assessment of the overall market landscape of companies providing testing services for cannabis, based on several relevant parameters, year of establishment, company size (in terms of employee count), and location of headquarters, type of offering(s) (cannabis testing services or cannabis testing services & products), type of company (private company or public company), number of facilities (less than 5 facilities, 5 to 10 facilities, and more than 10 facilities), type of accreditation(s) / certification(s) (ISO, PJLA, DEA, A2LA, USDA, FDA, ELAP, AOAC, CDPHE, UKAS, NCIA, NELAP, DCC, ORELAP, HIA, CLIA, ANAB ANSI, and Others), number of accreditation(s) / certification(s) (less than 5 accreditations, 5-10 accreditations, and undisclosed), type of testing solution(s) offered (potency testing, terpenes testing, microbial analysis, pesticides testing, residual solvent testing, heavy metals testing, mycotoxins testing, moisture analysis, DNA genotyping, vitamin E acetate testing, and flavonoid testing), type of sample(s) tested (edibles & infused products, cannabis bud / flower, cannabis extract / concentrates, and cannabis oil), type of cannabis and hemp tested (medical cannabis, hemp, recreational / adult-use cannabis, and others), and end-user(s) (cannabis cultivators / growers, cannabis drug / product manufacturers, cannabis edible manufacturers, and other research institutes).
Chapter 5 presents a detailed competitiveness analysis of cannabis testing laboratories based on company strength (in terms of years of experience), portfolio strength (considering type of company, number of facilities, type of offerings, number of testing solutions offered, number of samples tested, type of cannabis and hemp tested, and number of end-users) and number of accreditations / certifications.
Chapter 6 presents elaborate profiles of key players offering cannabis testing services (shortlisted based on a proprietary criterion); each profile includes a brief overview of the company, along with information on its financial information (if available), service portfolio, recent developments and an informed future outlook.
Chapter 7 provides a detailed assessment of the overall market landscape of cannabis testing product providers, based on several relevant parameters, such as their year of establishment, company size (in terms of employee count), location of headquarters, type of offering(s) (cannabis testing products or cannabis testing services & products), type of testing product(s) offered (analytical instruments, consumables, reagents and additional software solutions), type of analytical instrument(s) offered (chromatography instruments, spectroscopy instruments and others), and type of additional software solution(s) offered (Laboratory Information Management System (LIMS), Customer Relationship Management (CRM), Enterprise Resource Planning (ERP)).
Chapter 8 provides a detailed analysis of the partnerships that have been inked within the cannabis testing market, since 2018, based on several relevant parameters, such as year of partnership, type of partnership (mergers & acquisitions, research and development agreements, service alliances, technology integration agreements, distribution agreements, licensing agreements and other agreements), type of partner (industry and non-industry), geographical location of the companies involved, and most active players (in terms of number of partnerships).
Chapter 9 presents an in-depth analysis of recent events (webinars / conferences / expos / summits) that were organized across different regions of the globe for stakeholders in this market, based on several relevant parameters, such as year of event, event platform, type of event, year and type of event, distribution of events by geography, evolutionary trends in event agenda / key focus area, most popular event organizers, most active industry players, most active non-industry players, most active speakers (in terms of number of events), details of the designation of speakers, affiliated department of event speakers and a geographical mapping of upcoming events.
Chapter 10 presents a comprehensive market forecast analysis, highlighting the future potential of the market till 2035. Our year-wise projections of the current and forecasted opportunity have been further segmented based on relevant parameters, such as type of cannabis tested (medical and recreational / adult-use cannabis), type of sample tested (flowers, extracts, edibles and other type of samples), company size (small, mid-sized and large companies), and key geographical regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and North Africa).
Chapter 11 summarizes the overall report. It presents a list of key takeaways from the report and offers our independent opinion on the current market scenario. Further, it summarizes the various evolutionary trends that are likely to influence the future of this market.
Chapter 12 is a collection of transcripts of interviews conducted with various stakeholders in the industry.
Chapter 13 is an appendix, which contains tabulated data and numbers for all the figures included in this report.
Chapter 14 is an appendix, which contains a list of companies and organizations mentioned in this report.
Read the full report: https://www.reportlinker.com/p06458561/?utm_source=GNW
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Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
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1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
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Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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Cannabis
Global Agricultural Textiles Market Size To Worth USD 25.02 Billion By 2033 | CAGR of 4.70%
New York, United States , July 23, 2024 (GLOBE NEWSWIRE) — The Global Agricultural Textiles Market Size is to Grow from USD 15.8 Billion in 2023 to USD 25.02 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.70% during the projected period.
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Products made of agricultural textiles, or agro textiles, increase productivity, shield farmers from harmful chemicals and pesticides, and keep soil from drying out. The word “agro-textile” has been used recently to refer to materials used in horticulture and agriculture that are knitted, woven, and non-woven. Reducing the use of hazardous pesticides and herbicides promotes a sustainable farming culture and is also good for the environment. Agricultural textiles have remarkable mechanical potential, environmental resistance, simplicity of processing, and durability features that can enhance the safety, quantity, and quality of agricultural products. Textile textiles have been utilized in agriculture for a very long period. Most textile materials are woven or nonwoven in manufacture and are made of synthetic materials in a variety of decompositions. Furthermore, future expansion in the worldwide agricultural textiles market is anticipated to be driven by the rising demand for agricultural products. Any agricultural commodity or product, whether raw or processed, that is derived from livestock is referred to as an agricultural product. Agricultural textiles are used to protect crops from insects and birds, as well as to provide shade for plants, which increases crop yield. Furthermore, going forward, the market for agricultural textiles is expected to be driven by the rise in sustainable agriculture methods. Sustainable farming operations employ socially and environmentally conscious farming methods to increase crop output over the long term, reducing adverse environmental effects, and fostering equitable working conditions for farmers. However, increased raw material costs substantially impede the expansion of the worldwide agricultural textile industry. The rising cost of raw materials is creating challenges for the sector.
Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the Report on the “Global Agricultural Textiles Market Size, Share, and COVID-19 Impact Analysis, By Product (Woven, Knitted, Non-Woven, and Others), By Material (Nylon, Polyethylene, Polypropylene, Polyesters, and Others), By Application (Agriculture, Horticulture, Forestry, Aquaculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe.
Based on the product, the global agricultural textiles market is divided into woven, knitted, non-woven, and others. Among these, the knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe. The fabric’s multiple applications such as wind control, hail protection, and bird netting are what provide the majority of its revenue. The variety of textiles produced by knitting techniques and the ease of handling knitted fabric has led to a growth in demand for the product. Non-woven fibers can be produced by a variety of techniques, such as chemical bonding, thermal fusion, and mechanical entanglement. A web is created throughout manufacture, adding first mechanical strength and later other properties according to the fiber’s intended use.
The polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe.
Based on the material, the global agricultural textiles market is divided into nylon, polyethylene, polypropylene, polyesters, and others. Among these, the polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Thermoplastic polymer polyethylene has a volatile crystalline structure and a wide range of uses, depending on the kind. One of the most widely used materials for agricultural textiles is polyethylene, which is somewhat more expensive than polypropylene. Farm products are covered in HDPE fabrics, which shield them from UV radiation and inclement weather. HDPE Yarns are a useful foundation material for applications including braiding, twisting, and weaving. Technically, they are resistant to both alkalis and acids.
The aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period.
Based on the application, the global agricultural textiles market is divided into agriculture, horticulture, forestry, aquaculture, and others. Among these, the aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period. The demand for seafood is rising, and this has led to an increase in aquaculture and the growth of the fishing net industry. Other industries that have benefited from this growth include nutraceuticals, pharmaceuticals, and cosmetics. The crops that grow under shade nets are chosen depending on how well they tolerate light. They also help to reduce damage from excessive heat and increase agricultural yield in the summer. They are used in a variety of procedures, such as floriculture, nursery operations, and vermicomposting.
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Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period. The region’s noteworthy share can be attributed to the rising demand for agricultural products resulting from changing consumer preferences and population expansion. Due to the significant demand generated by the developing economies of China and India. In addition, China is the biggest consumer since it uses a lot of these textiles for its agricultural and aquaculture sectors. These uses include using nets, mulches, and storage bags to save aquatic life and crops.
North America is predicted to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Research into more sustainable agriculture practices and consumer interest in organic products will both rise. China is the top region in terms of the agricultural textile market. The region’s expanding aquaculture sector, which generates fish oils, shell meats, and other products, as well as increased domestic consumption, accounts for this development. Policies that support aquaculture at the federal level will drive up demand for these textiles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Textiles Market include Beaulieu Technical Textiles, Belton Industries, Meyabond, Capatex, Neo Corp International, Garware Technical Fibres, HUESKER Synthetic, Maccaferri, Koninklijke Ten Cate, DuPont de Nemours Inc., Leggett & Platt, SRAM & MRAM Group, Bonar Technical Fabrics, Visaka Industries Limited, and Others.
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Recent Developments
- In June 2024, Beaulieu Technical Textiles highlighted performance and sustainability when introducing their Recover and Recover Pro ground covers at GreenTech Amsterdam 2024. Recover uses recycled materials to reduce CO2 emissions and increase durability, while Recover Pro uses volcanic lava rock to improve plant health and water management. The line provides longevity, cannabis, and UV protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Textiles Market based on the below-mentioned segments:
Global Agricultural Textiles Market, By Product
- Woven
- Knitted
- Non-Woven
- Others
Global Agricultural Textiles Market, By Material
- Nylon
- Polyethylene
- Polypropylene
- Polyesters
- Others
Global Agricultural Textiles Market, By Application
- Agriculture
- Horticulture
- Forestry
- Aquaculture
- Others
Global Agricultural Textiles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Agriculture Supply Chain Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Solution (Manufacturing Execution System, Procurement & Sourcing, Transportation Management System, Supply Chain Planning, and Warehouse Management System), By Deployment (On-Demand & Cloud-Based, and On-Premise), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033Global Agriculture Supply Chain Management Market Insights Forecasts to 2033
Global Agricultural Haying and Forage Machinery Market Size, Share, and COVID-19 Impact Analysis, By Type (Forage Harvesters, Conditioners, Balers, Mowers, and Others), By Application (Small Farms, Medium Farms, and Large Farms), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Enzymes Market Size, Share, and COVID-19 Impact Analysis, By Product (Phosphatases, Sulfatases, and Dehydrogenases), By Crop Type (Cereals & Grains, Fruits & Vegetables, Turf & Ornamentals, Oilseeds & Pulses, and Others), By Functionality (Plant Growth Regulation, Crop Protection, and Fertility products), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
Global Agricultural Disinfectants Market Size, Share, and COVID-19 Impact Analysis, By Type (Chemical Disinfectants, Physical Disinfectants, Biological Disinfectants, and Others), By Form (Liquid, Powder, and Others), By Application (Surface, Aerial, Water Sanitizing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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