CANNACORD GENUITY US EQUITY RESEARCH – Nov 21/19 – Laboratory testing of cannabis, hemp, and derivative products in the US, represents a substantial market opportunity, with CG estimates calling for 30% CAGR through 2024, reaching $1.5B. Several trends are contributing to our constructive outlook including the expansion of legal cannabis state markets, a shift toward more comprehensive testing requirements, and adoption of testing in the hemp CBD industry. In our view, recent vape health issues should act as an additional accelerant for testing growth as regulators enhance their safety and enforcement efforts, and industry stake holders address consumer concerns and shore up supply chains.