Eleven cannabis-related companies were named to the 2023 Inc. 5000, a list of the fastest growing private companies in the United States — a significant drop from last year when 22 cannabis-related companies were represented.
Headlining the list among cannabis companies was Azuca, the New Mexico-based manufacturer of edibles ingredients, which was No. 214 on the list with a three-year growth rate of 2,628%. Azuca’s ingredients have led the industry with rapid onset technology that allows the effects of edibles to kick in within 15 minutes. Since the company’s launch in 2018, it has sold more than 200 million 5-milligram servings. The company’s prominent clients include Wana Brands, Columbia Care and The Botanist.
“We are privileged to work with the very best in the business,” Azuca co-founder and CEO Kim Sanchez Rael said in a press release. “The Azuca team’s hard work and innovative spirit continue to set new standards of quality and excellence for cannabis-infused products.”
Four companies made the list for the third year in a row: the post-harvest decontamination equipment manufacturer Willow Industries (1,583), PR powerhouse Mattio Communications (1,834), technology platform Treez (2,018) and human resources platform Wurk (1,422).
The BudGrower, makers of indoor grow kits, made the list for the second straight year (1,393).
Other cannabis-related companies making the Inc. 5000 for the first time were Custom Cones USA (795), Moose Labs (67), Blaze (916), Nabis (1,340) and Grön (2,140).
— Garrett Rudolph