Europe Cannabis Testing Market Expected to Reach $770 Million By 2027

Europe Cannabis Testing Market Expected to Reach $770 Million By 2027

Tyler Shultz: Culture Magazine

The European cannabis testing market is expected to grow to a little over $770 million USD from $431.58 million in 2019. The market is expected to grow with a Compound Annual Growth Rate (CAGR) of 7.7 percent from 2020 to 2027.

A new report, “Europe Cannabis Testing Market to 2025 – Regional Analysis and Forecasts by Type; Services; End User and Country,” outlined the growth of the industry to 2025. The growth of the market can be attributed to the European government funding cannabis research for doctors as well as the increasing demand for researching cannabis quality. The report mentions non-medical uses of cannabis and problems with CBD oil products are likely to have a negative impact on the growing market.

The European cannabis testing market is split into three segments: testing laboratories, drug manufacturers, and research institutes. In 2019, the testing laboratories held the largest share of the market and is expected to continue growing due to testing performed in the reference labs for various diseases.

In February 2019, members of the European Parliament (MEPs) passed a joint resolution supporting medical cannabis. The resolution allows doctors to use their best judgment in prescribing cannabis-based medicines and calls on MEPs to address barriers that prevent cannabis research. The aim is to clearly distinguish between what is considered medical-use cannabis and what is considered non-medical.

Currently, there are no countries in the European Union that allow smoking cannabis or home-growing for medical purposes. The World Health Organization has previously recommended that CBD should not be classified as a controlled substance. The European Union has already approved a CBD-based medicine that helps treat severe seizures.

Tyler Shultz: Culture Magazine

Published: 2021-01-21 15:00:51

Original Article link here

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