Limitless Venture Group, Inc. Eyeing the Cannabis and Hemp Markets for Additional Future Growth Opportunities
Limitless Venture Group, Inc. (OTC PINK:LVGI) is resuming acquisition research in the cannabis testing laboratory sector following discussions with potential partners. The global cannabis testing services market was valued at USD 1.1 billion in 2019, expected to grow at 15.4% CAGR through 2027. The recent Farm Bill has created demand for quality testing labs due to potential contaminants in the cannabis supply. CEO Joseph Francella emphasized the need for partnerships with laboratories that maintain high integrity and the ability to scale operations nationwide.
- Resumption of acquisition efforts in the rapidly growing cannabis testing market.
- The cannabis testing services market is forecasted to grow significantly, indicating potential profitability.
- Potential for increased demand if federal legalization of cannabis occurs.
- None.
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
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 to a few different testing laboratories in order to get a better understanding of the industry as well as how LVGI can be a beneficial partner to the right team. There are many laboratories that have quickly entered this market and one of the biggest complaints we have heard from cultivators and distillers is that many of these laboratories are slow to deliver results and the variations between the samples are too broad to accurately determine if the results are correct. As such, LVGI would like to work with a quality laboratory partner who has high integrity, has audible processes and standards, and who can deliver quality results within reasonable time frames. Also, we would like to work with a laboratory who has the ability and desire to expand into multiple locations around the United States and the world." States Devon Diaz, P.E., COO.
"We are fully committed to our subsidiaries Rokin, KetoSports and Jasper as well as closing our current opportunity in the TPA market and expanding in those markets as originally planned", states Joseph Francella, CEO, "however when we find an opportunity with a great management team, a solid business model, great revenue flow, profits and excellent growth opportunities in an expanding market we need to fully explore those opportunities for LVGI and our shareholders".
About Limitless Venture Group, Inc.
Limitless Venture Group provides its shareholders with access to leading small and medium-sized businesses focused on growth. Leveraging its permanent capital base, disciplined long-term approach, and actionable expertise, LVGI owns controlling interests in its subsidiaries as it partners with management teams to build businesses with the capacity to unlock significant value for its shareholders.
For more information, please visit: www.lvginc.com.
The Company currently has three primary subsidiaries: Jasper Benefit Solutions, LLC, Rokin, Inc., and KetoSports, Inc.
About Jasper Benefit Solutions, LLC
Jasper Benefit Solutions, LLC (JBS), founded in 2018 with headquarters just outside Nashville, TN, is a Managing General Underwriter (MGU) specializing in risk management services for small to medium self-funded employer "Groups". MGUs, unlike general agents within insurance industries, are certified to underwrite health and life benefits policies on behalf of their carrier-partners. Jasper's niche is the unique ability and authorization from a well-known, nationally recognized insurance carrier to underwrite Groups as small as five (5) employees as well as offering limited benefit insured products for groups with part-time employees not able to participate in their health plans. www.jasperbenefitsolutions.com
About Rokin, Inc.
Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products available while providing exceptional customer service. Rokin Vapes are rigorously tested by Rokin and multiple consumer focus groups to ensure the products meet strict quality standards before any production takes place. After a product is selected and production complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products) but then Rokin goes above and beyond to certify our vaping products to the latest RoHS standard, which restricts the use of six hazardous materials commonly found in electronic products. www.rokinvapes.com
About KetoSports, Inc.
KetoSports products flush the body with ketones, raising blood ketone levels within a few minutes. Because the body and brain use ketones as its preferred energy source and are used first for energy demands, KetoSports products are essential for anyone who wants to prolong energy reserves for their athletic events or for those who just want to benefit from carb-free, stimulant-free mental energy and enhanced acuity.
www.ketosports.com
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Disclaimer Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be deemed to be forward-looking statements. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of the release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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SOURCE: Limitless Venture Group, Inc.
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FAQ
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