Business
Limitless Venture Group, Inc. Eyeing the Cannabis and Hemp Markets for Additional Future Growth Opportunities
Limitless Venture Group, Inc. Eyeing the Cannabis and Hemp Markets for Additional Future Growth Opportunities.
About this update from Limitless Venture Group Inc.
[{"type":"text","content":"TULSA, OK / ACCESSWIRE / May 12, 2021 / Limitless Venture Group, Inc. (OTC PINK:LVGI), a publicly-traded holding company that provides its shareholders with access to investment opportunities in small and medium-sized businesses uniquely positioned for rapid growth, today reported it has resumed researching acquisition opportunities for hemp and cannabis testing laboratories after discussions with laboratories in this space. Upon review of the latest research from Grandview Research, it is determined that the global cannabis testing services market size was valued at USD 1.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2020 to 2027.In 2018 Farm Bill was introduced for legalizing hemp cultivation in the U.S. and has given birth to an exploding new industry. As a result, there is an incredible need to set up effective testing services to assure the quality of cultivated cannabis. One major reason for the need of quality testing labs is that as the cannabis plants are cultivated, they are exposed to various contaminants, such as certain heavy metals from the soil, molds, pesticides and fungus. These contaminants can cause long term respiratory problems as well as fatalities when consumed in regular quantities.Also, every state has its own quality checks for cannabinoids to ensure accurate labeling of products for recreational, medical and CBD use. Furthermore, potency testing helps to keep consumers informed about the quality of the product as well as content of CBD and THC. Moreover, the cannabis drug manufacturers market is estimated to be the fastest-growing through 2027 due to big pharma such as Pfizer and Sanofi, who are increasing their number of cannabis-based clinical trials due to the increasing acceptance of medical marijuana.Finally, during a press conference in early April, 2021, Senate Majority Leader Chuck Schumer (D-NY) said that he is working with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) to draft a reform measure to a bill that will federally legalize marijuana and that he's planning to introduce this bill to the floor of his chamber "soon." If federal legalization of cannabis does pass, it could open up interstate commerce and provide a tremendous demand for testing hemp and marijuana nationwide."We are talking...