Two cannabis-focused companies were named to the Deloitte Technology Fast 500 for 2023, a ranking of the fastest growing technology, media, telecommunications, life sciences, fintech and energy tech companies in North America.
POSaBit, a provider of payments infrastructure based in Bellevue, Washington, was No. 132 on the list with revenue growth of 1,092% from 2019 to 2022.
The Deloitte Technology Fast 500 is a listing of North America’s fastest growing companies based on fiscal year revenue growth from 2019 to 2022. Unlike the Inc. 5000, the Deloitte ranking is open to both private and public companies.
To be eligible for the Technology Fast 500, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenue. Companies must also have been in business for at least four years, be headquartered in North America and have base-year operating revenues of at least $50,000 and current-year operating revenues of at least $5 million. This year marked the 29th year Deloitte has published this list.
“I’m incredibly proud of the work our team has done over the last year in partnership with our customers and the cannabis community,” said POSaBit CEO Ryan Hamlin. “In the face of significant industry challenges, our relentless focus on key priorities like customer satisfaction and product innovation has helped us lead the industry.”
The No. 1 overall company on the list was Vir Biotechnology Inc., a company focused on using the immune system to treat and cure infectious diseases. It experienced a three-year growth rate of 222,189%.