by Martha Hernández, Scientist, CloudLIMS.com
Setting up a cannabis extraction lab can be an exhilarating experience, especially if you’re passionate about the cannabis industry, because extraction is where all the goodness of cannabis is revealed. The global cannabis extract market was valued at $2.74 billion in 2021 and, with a projected CAGR of 20.6%, it is expected to hit close to $3.5 billion by 2030.1
Cannabis extract provides consumers the rare opportunity to enjoy high concentrations of cannabinoids and hence hard-hitting potent effects. Even though most consumers still prefer cannabis flowers, extracts are increasingly gaining popularity, especially among the younger demographics. With the anticipated exponential growth rate of the cannabis extraction market size, the profitability of this industry seems guaranteed and an extraction lab is one way to go.
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