CannaSafe is one of the fastest growing cannabis companies on the list with a three-year revenue growth of 12,144%
VAN NUYS, Calif., Aug. 13, 2020 /PRNewswire/ — CannaSafe, California’s leading ISO accredited cannabis testing laboratory, announced today it was ranked #13 in its debut appearance on Inc. magazine’s annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
In addition to its massive 12,144% three-year revenue growth, CannaSafe has made impressive strides as a company. This year, they moved to a new 25,000 foot headquarters facility that is nearly double the size of their previous lab to accommodate the industry growth and demand, while announcing plans to expand outside of the California market into Oregon and Florida. Founded in 2011, longtime President Aaron Riley, stepped into the CEO position at CannaSafe in January. His appointment coincided with the promotion of former VP of Operations Antonio Frazier to President, whose role was filled by Bosco Ramirez, the previous President of Eurofins TestAmerica.
CannaSafe’s laboratory services have been utilized by the most recognized and trusted California cannabis and hemp brands like Lord Jones, Dosist, Raw Garden, Stiiizy, Lowell Herb Co, Khana, Sunderstorm and Heavy Hitters. However, the company galvanized its reputation as a leader in cannabis testing nationwide when it took on a public education role during the vape crisis of 2019. The company spearheaded a series of reports looking at the dangers of Vitamin E acetate, where tainted vapes were originating and what other factors could pose risks to consumers who vape. The reports not only provided guidance to an industry looking for answers, they were also publicized widely on popular news shows such as NBC Nightly News and The Today Show.
“It’s been a tremendous journey of growth right alongside the cannabis industry we serve. We’re so proud of our team, their commitment to rigor, excellence and consumer safety. Those are the things that motivate us everyday,” said Riley. “Being recognized at the top of the Inc. 5000 list on our first year underscores the fact that we’re executing at the highest level possible.”
Not only have the companies on the 2020 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists as well. The 2020 Inc. 5000 achieved an incredible three-year average growth of over 500 percent, and a median rate of 165 percent. The Inc. 5000’s aggregate revenue was $209 billion in 2019, accounting for over 1 million jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are also being featured in the September issue of Inc., available on newsstands August 12.
“The companies on this year’s Inc. 5000 come from nearly every realm of business,” says Inc. editor-in-chief Scott Omelianuk. “From health and software to media and hospitality, the 2020 list proves that no matter the sector, incredible growth is based on the foundations of tenacity and opportunism.”
The 2020 Inc. 5000 is ranked according to percentage revenue growth when comparing 2016 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2016. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2019. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2016 is $100,000; the minimum for 2019 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.
CannaSafe Analytics is committed to defining consumer safety and quality assurance standards for the cannabis industry. They are a full-service testing laboratory offering a one-stop solution where cannabis cultivators and distributors can ensure that they are in full compliance with all regulatory requirements and that their products are effective and safe for use. CannaSafe Analytics is proud to be the first accredited cannabis testing lab in the world. Over the years, they have been continuously setting the standard for cannabis testing through the utilization of state of the art technology, cutting-edge scientific methods, and expert staff. To learn more about CannaSafe, visit https://www.csalabs.com/.
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.
Founder & Interim Editor of L.A. Cannabis News