LAVAL, QUEBEC (Jul 26, 2024)– Neopharm Labs Inc., a premier GMP-certified analytical laboratory with over three decades of experience in the life sciences industries, proudly announces its strategic expansion into the cannabis analytical testing market through the acquisition of Pharmasciences Inc.'s cannabis division.
This acquisition significantly enhances Neopharm Labs' service offerings and customer base.
Key Highlights:
Acquisition of Pharmasciences' cannabis division accelerates growth in the rapidly expanding cannabis market.
An enhanced suite of cannabis testing services now includes:
Comprehensive potency testing
Detailed terpene profiling
Advanced residual solvent analysis
Rigorous microbial screening
Expanded compliant storage facilities for cannabis products.
Improved capabilities to analyze diverse samples, including edibles, infused beverages, oils, extracts, and creams.
"This acquisition marks a pivotal milestone for Neopharm. By integrating Pharmasciences Inc.'s cannabis division, we strengthen our position as a premier provider of analytical testing solutions across multiple sectors, particularly in the high-growth cannabis industry. This move aligns perfectly with our vision to lead in Canada's analytical services for the life sciences industry, ensuring our clients receive unmatched service and expertise." — Yvan Côté President and General Manager of Neopharm Labs.
The expansion comes at a crucial time for the cannabis industry, with increasing legalization, stricter regulatory requirements, and growing consumer demand for safe, high-quality products. Leveraging Neopharm's 30+ years of experience in pharmaceutical-grade testing, the FDA U.S. and Health Canada-licensed and inspected Laval facility now offers an integrated solution for clients seeking high-quality, reliable analytical services across various industries.
Côté added, "This growth not only diversifies our service portfolio but also reinforces our mission to accelerate product development and support our partners through precise, efficient, and compliant analytical solutions."
Projections in the cannabis analytical testing market call for compound growth of 15-17% between 2024 and 2029, driven by growing legalization, increased consumer awareness, and diversification of cannabis products. Neopharm Labs' strategic expansion seeks to capitalize on trends to reinforce its leadership position in the cannabis analytical services segment.
About Neopharm Labs
Neopharm Labs is an independently owned company headquartered in Greater Montréal, Quebec, with offices in Ontario, Canada. It is a full-service GMP analytical testing laboratory serving the pharmaceutical industry for over 30 years, offering a unique platform to provide complete portfolio validation and testing to this market. Its world-class laboratory undergoes regular inspections by government agencies such as the U.S. FDA and Health Canada and has the endorsement of several world-renowned life sciences industry leaders. Neopharm Labs provides services for Canada, the U.S., and global customers since Canada is a privileged participant in the Global Mutual Recognition Agreements (MRAs).
About Neopharm Laval
Neopharm Laval, established in 2023 following Neopharm Labs Inc.'s acquisition of MS Pharma, is a GMP-certified facility offering top-tier quality control, validation, and stability services to the pharmaceutical, cosmetics, and nutraceutical industries. With licensing in cannabis, we ensure comprehensive support across diverse products. Our state-of-the-art labs and expert team provide reliable and innovative solutions for our clients.
About Pharmascience
Pharmasciences is a well-established Canadian pharmaceutical company known for its expertise in drug development and manufacturing. Their cannabis division has been a key player in the Canadian cannabis industry, offering contract development and manufacturing services to licensed producers. This acquisition allows Neopharm to leverage Pharmasciences' expertise and client relationships in the cannabis sector.
For detailed market insights, visit the TechSci Research report
(https://www.techsciresearch.com/report/cannabis-testing-services-market/20746.html).
Join the 1,000+ scientists who have our blueprint.
Use our 12-step blueprint, avoid settlement delays, and get testing dome sooner.
Download for free
