Santa Ana, California-based Cannalysis, a cannabis and hemp testing lab, has raised $22 million in funding. The investor was CanLab.
Santa Ana, California — SEPTEMBER 18 2019 — Cannalysis (https://www.cannalysislabs.com/), an ISO accredited and state-licensed cannabis testing laboratory, announced today it has raised $22 million in funding and committed growth capital from CanLab (https://www.can-lab.com), the nation’s leading cannabis, hemp, and CBD testing laboratory network. With the new capital, Cannalysis will be doubling the size of its headquarters and expanding its footprint into additional states while continuing to scale its advanced robotics and data-automation testing services and operations.
Cannalysis provides testing services that meet or exceed state-level compliance standards through the combination of robotics and validated scientific methods. Due to the company’s technology-forward approach to cannabis testing, Cannalysis has been successful at increasing the precision and accuracy of results while dramatically reducing variability and errors.
“Our purpose-built laboratory features some of the most advanced technologies for testing cannabis and hemp products. By streamlining the process through automating sample preparation, to pushing test data directly to other platforms, including consumer-facing marketplaces, we offer value beyond compliance,” said Brian Lannon, CEO of Cannalysis. “The use of robotics and data-automation has allowed us to reduce human error while providing our customers with sample tracking to follow the test’s progress in real-time. Together with CanLab, we hope to introduce a new gold-standard for the cannabis testing industry.”
Through its online portal, cultivators and manufacturers can monitor testing progress and access Cannalysis’ APIs to automate the flow of data between third-party platforms, like Weedmaps, and integrate directly with internal ERP systems. Cannalysis also provides its customers with value-add tools and services like state-compliant labeling and Ph.D. consultations that help identify and advise on process change and testing parameters to improve processes.
Gary Hopkinson, Executive Chairman of CanLab, explains, “Cannabis and hemp testing is still in its nascent stages, and there’s an enormous market opportunity as legalization becomes more widespread and the utility of CBD products become more prevalent. Cannalysis has set a new precedent for what the standards for cannabis testing should be with its focus on technology and automation. We look forward to joining forces to help cannabis brands and businesses navigate and pass strict compliance regulations.”
According to the Associated Press, investors poured $16 billion into the North American cannabis industry in 2018, representing a 2x growth from the previous three years. By 2020, it is projected that the legal-marijuana industry’s economic impact in the U.S. could reach as high as $77 billion, bringing in more jobs than the 268,000 employees at U.S. steel and iron mills.
For more information about Cannalysis’ testing services, please visit: https://www.cannalysislabs.com/
Cannalysis is an ISO/IEC 17025 accredited and state-licensed cannabis and hemp testing laboratory headquartered in a state-of-the-art facility in Santa Ana, CA. Founded in 2015, Cannalysis combines domain expertise with proprietary technology to deliver the entire breadth of cannabis and hemp testing services required for consumer-facing products to meet or exceed regulatory compliance.
For more information, please visit www.cannalysislabs.com.
CanLab is the nation’s leading cannabis, hemp and CBD testing laboratory network. Founded in 2018, CanLab aims to unify the multi-state cannabis industry while creating meaningful transparency and trust between labs, brands, regulators and consumers.
For more information, please visit www.can-lab.com.