Cannabis testing is by far the smallest segment of the industry when measured by number of companies. But the work labs perform is critical from a health and safety perspective, as these companies test for everything from pesticides to potency. Lab-tested cannabis is a requirement in nearly every state that regulates marijuana businesses, though no federal or industrywide standards exist.
Startup costs are often higher for testing companies vs. other cannabis businesses, however operational costs much lower making it easier to turn a profit. A testing equipment will cost approximately $700,000 depending on productivity.
Additional costs include but aren’t limited to buildings, licensing, or the infrastructure, materials and wages for chemists and laboratory technicians that will be needed to operate that equipment.
Cannabis Testing Techniques
For the past two years, a majority of testing lab survey participants have indicated high- pressure liquid chromatography is their primary testing method, and that holds true this year as well. While it is still the most prevalent technique, the portion of companies that utilize high-pressure liquid chromatography has fallen from 63% last year to 50% this year.
Types Of Cannabis Testing Obtained By Cultivators, Infused Product Makers & Retailers
- Residual Solvents
- Heavy Metals
The global cannabis testing market is expected to reach $1.4 billion by 2021 from $0.8 billion in 2016, at a CAGR of 11.5% during forecast period (2016–2021). The growth in this market is mainly driven by factors such as legalization of medical and recreational cannabis, growing adoption of LIMS in cannabis testing laboratories; and increasing awareness through conferences, symposia, and workshops. On the other hand, the high cost of analytical instruments, presence of alternative technologies, and dearth of skilled professionals are some of the major factors that are expected to restrain the growth of this market in the coming years.
The Cannabis Testing Laboratory Business Plan is prepared based on the existing knowledge of consultants regarding the Marijuana Industry in general and is specific to Location.
Cannabis Testing Laboratory Business Plan – Table of Contents
State Cannabis Laws
Products & Services
Cannabis Sector Projections and Perspectives
STRATEGY & IMPLEMENTATION
ORGANISATIONAL STRUCTURE & MANAGEMENT
Profit & Loss Forecast
Cash Flow Statement
Income Statements, monthly
Cash Flow Statements, monthly
Please do not hesitate to contact us to make an order for a cannabis business plan or a cannabis industry research. We will create complete and professional business plans, including pro forma financials and projections to help you know how much money it’ll cost to start your business and how much money you can make by starting and operating your 100% legally compliant medical and recreational marijuana business.
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