California-based company has raised $22 million from cannabis, hemp and CBD testing laboratory network CanLab
Photo as seen on Cannalysis corporate video
Cannalysis Lab, an ISO/IEC 17025-accredited and state-licensed cannabis testing laboratory in the US, has raised $22 million in funding and committed growth capital from CanLab, a cannabis, hemp and CBD testing laboratory network.
Headquartered in Santa Ana, California, Cannalysis said the cash injection will allow the company to double the size of its operation and expand its footprint into additional states.
Cannalysis provides testing services that meet or exceed state-level compliance standards through the combination of robotics and validated scientific methods. The company said due to proprietary technology it 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," said Brian Lannon, CEO of Cannalysis. "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,” he explained.
Lannon said the use of robotics and data-automation has allowed Cannalysis to reduce human error while providing 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," he said.
All cannabis, hemp and CBD products must go through scientific testing at licensed labs before becoming available for legal purchase.
Currently, these labs are regulated independently of each other by local state governments, creating inconsistencies in results. CanLab proposes a universalised ecosystem that instils transparency and trust in the process.
“Cannabis and hemp testing is still in its nascent stages, and there’s an enormous market opportunity as legalisation becomes more widespread and the utility of CBD products become more prevalent," explains Gary Hopkinson, executive chairman of CanLab. "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,” he added.
Most consumers are unaware of the risks associated with unregulated or poorly tested cannabinoids.
Beyond potency testing, labs also test for several substances that can be harmful to consumers, such as; pesticides, heavy metals and microbial (like E. coli).
Through the Cannalysis online platform, 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 customers with value-add tools and services like state-compliant labelling and PhD consultations that help identify and advise on process change and testing parameters to improve processes.