ORLANDO, FL / ACCESSWIRE / February 21, 2019 / Earlier this week, cannabis testing lab Digipath Inc. (DIGP) found out that the Company had been identified as one of the "The top 10 industry players operating in the market of cannabis testing across the globe" alongside some of the largest and most popular brands in the industry. In a highly competitive emerging market, this is strong news for the Nevada-based operator with an evolving business model that includes expansion into Colombia and California for cannabis and hemp testing and North Carolina, Oregon and Arizona for hemp testing.
But what might have been most beneficial to Digipath isn't the prestigious inclusion among industry stalwarts. What might be most important is that independent research firm Insight Partners believes that the international cannabis testing market will expand from $1 Billion in 2017 to $2.5 Billion in 2025, with a compound annual growth rate of 11.9% from 2017-2025.
Factor in that more and more countries are legalizing cannabis, which in nearly every instance requires testing, and the market expansion is understandable. It is worth noting that the report, which has an end date assumption of 2025, may not fully consider other countries or states that could decide to legalize closer to 2025 and aren't a part of that projection. Of course, the report likely does not factor in any possible contraction or adverse regulation to growth either but at present we're seeing little of the sort.
It also warrants consideration that broad use of CBD could create a Malcolm Gladwell-esque tipping point, and that there could be an accelerated market appetite for CBD and hemp.
Perhaps it's the nexus of the report's inclusion of Digipath in the list of top 10 industry players in the cannabis testing industry and the bold prediction of market growth that are compelling because if Digipath can ratify that Top 10 designation with relative market share the Company will certainly be worth watching.
For an Investor's Introduction to Digipath please visit Digipath Investor Info.
About Digipath, Inc. & Digipath Labs, Inc.
Digipath, Inc. supports the cannabis industry's best practices for reliable testing, data acquisition, cannabis education and training, and brings unbiased cannabis news coverage to the cannabis industry.
Digipath Labs provides pharmaceutical-grade analysis and testing to the cannabis industry to ensure producers, consumers, and patients know exactly what is in the cannabis they ingest and to help maximize the quality of its client's products through analysis, research, development, and standardization.
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SOURCE: Emerging Markets Report
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