Cannabis is emerging as a booming industry, thanks to the recent changes in attitudes and laws for it. World over the consumption of cannabis is getting decriminalized. Regulatory authorities are endorsing medicinal and recreational usage of cannabis. This has been an outcome of scientific research and evidence that supports therapeutic and medical usage of cannabis for treating diseases. Over 30 countries including the USA and Canada have legalized the medical usage of cannabis extracts. In the US, regulations have been passed by several states to authorize the use of medical cannabis. In this way, a favorable framework is set up to explore the medicinal and therapeutic properties of cannabis extracts.
Capitalizing on the favorability of the new regulations, 36-year-old serial entrepreneur, Ryan Bishop ventured into the cannabis space in 2010. He began by providing cards for cannabis patients in Arizona. Ryan then went on to launch a company that specialized in state-compliant packaging for cannabis products. Having successfully operated in this space for some time, Ryan decided to set up a new company, named ‘Cannaris.’ His new venture aims to offer testing, research, and medicinal products of cannabis. Ryan’s vision is to drive Cannaris Analytical Labs towards huge success and become a market leader. He has managed to arrange capital and secured funding, based on the project valuation estimated at USD 10 million.
Acknowledging the health and wellness concerns raised by many on the use of cannabis, Ryan Bishop affirms that Cannaris Labs is precisely the answer to it. “Our labs across North America will provide the highest quality analytical and R&D service while providing consulting to our customers achieving a safer quality product. All labs will provide the same level of accuracy, customer service, and professionalism,” he reiterated.
Cannaris is eyeing locations to expand its multi-state footprints and cater to the expectations of its customer base. It is also innovating application processes for leveraging the therapeutic potential of cannabis and inorganic growth through acquisitions. Bishop says, “Cannaris Labs has many multi-state large organizations that depend on us to provide consistent testing no matter what state we are in and to follow their expansion footprints as well.”
While cannabis still falls in Schedule I of the Controlled Substances Act, the process of legal acceptability of cannabis for medical purposes has begun. FDA has already approved an epilepsy drug, for young children that contain cannabis derivatives in strawberry-flavored formation. US senate is also mulling to pass a bill that will allow hemp and hemp products for agriculture. Cannabis business is rapidly growing in the US and hence the need for testing facilities is likely to increase further. As per a survey, revenues of Cannabis-testing labs in the US are projected at USD 850 million by 2020.
Testing and research organizations like Cannaris Analytical Labs will have a major role to play in the wake of the above. This is a boom period that offers the most conducive business environment for entrepreneurs like Ryan Bishop to thrive and get an edge in the industry.