The legal cannabis industry in North America is projected to grow from $9.2 billion today to $47.3 billion over the next decade. Worldwide, spending on legal cannabis is forecast to hit $57 billion by 2027. As much as 67% of the cannabis spending is projected to come from recreational use while medical marijuana will take up the remaining 33%.
These forecasts were reported in Forbes Magazine and provided by Arcview Market Research and BDS Analytics as part of their 2017 report on the growing cannabis industry.
The report says that medical-only cannabis regulations enacted by certain U.S. states and Canada prompted other countries to enact similar regulations. When California and Canada legalized adult recreational use, that triggered a second wave of laws internationally to increase access to cannabis.
As the legal cannabis industry grows and becomes more mainstream, it is increasingly using sophisticated laboratory testing equipment to maximize the quality, consistency and production levels of legal cannabis products. This includes Laboratory Automation Equipment, Gas Chromatography Equipment, Mass Spectrometry Equipment, and Autosamplers, among others.
These devices rely on lead screws to function and in many cases require precision medical grade drive screw assemblies with zero defects and no margin for error.
As a pioneer in the custom thread rolling industry since 1956, Noll supplies lead screws and drive assemblies to many of the leading manufacturers of automated devices for the medical and biological science manufacturing industries.
Part of the Noll’s success over the years has come from its ability to forecast industries that are poised for rapid growth and rely on lead screws for their equipment. Legal cannabis is a perfect example of such an industry.
Noll was recently featured in an article by Terpenes and Testing Magazine regarding the company’s behind the scenes role in equipment used in the legal cannabis industry. Click here to read the article.
