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Cannabis market revenue is projected to reach $64.7 billion in 2024. This number will increase to $75.1 billion by 2029 (CAGR 3%).
This sector is also expected to have a positive impact on the economy. For every $1 a consumer spends at a pharmacy, $2.50 goes back into the economy.
Overall, the marijuana industry boosted the U.S. economy by $112.4 billion in 2024, and by 2033, the impact is expected to reach $203 billion.
Read below to learn about 18 cannabis startups building delivery, e-commerce, and IoT applications for the nascent but rapidly expanding world of cannabis.
1. Leaf Link
5 year search growth: -47%
Search Growth Status: Normal
Year of establishment: 2015
Location: New York, New York
Funding: $479 million (Series D)
What we do: LeafLink connects retailers and cannabis brands through our wholesale management platform. Leaflink also matches over 8,700 retailers with over 3,500 cannabis brands. The vision is to simplify the cannabis supply chain with streamlined communication and messaging capabilities, up-to-date order status, and tools that make purchasing easier.
2.3 chi
5 year search growth: 800%
Search growth status: peaked
Year of establishment: 2018
Location: Carmel, Indiana
Funding: Private
What they do: 3Chi is a cannabis startup that specializes in producing Delta-8 THC products, a hemp-derived compound that is federally legal. The company's products include gummies, tinctures, and e-cigarette cartridges, all of which are third-party tested for quality and purity. 3Chi is committed to educating consumers about the benefits and potential risks associated with Delta-8 THC, making us a leader in this emerging market.
3. Binoid
5 year search growth: 8,600%
Search Growth: Explosive
Year of establishment: 2018
Location: Northridge, California
Funding: Private
What they do: Binoid is a cannabis organization that offers a variety of CBD and Delta-8 THC products, including gummies, tinctures, and e-cig cartridges. All of their products are made with natural ingredients and tested by third-party laboratories to ensure quality and safety. Binoid is committed to providing customers with high quality and effective products that promote health and relaxation.
4. Kang
5 year search growth: 5%
Search Growth Status: Normal
Year of establishment: 2018
Location: Oakland, California
Funding: $32 million (Series A)
What we do: Cann is a cannabis company that produces a line of THC-infused sparkling beverages designed to provide a consistent and reliable cannabis experience without the need to smoke or vape. Their drinks come in a variety of flavors and are made with high quality all-natural ingredients.
Cann is committed to promoting responsible and mindful cannabis use, making it a popular choice for those looking for a discreet and convenient way to consume cannabis.
5. Cannabis Enthusiast
5 year search growth: 418%
Search Growth: Explosive
Year of establishment: 2018
Location: Las Vegas, Nevada
Funding: Private
What we do: Cannabist is a retail brand and dispensary chain offering a selection of cannabis products. Customers can find flowers, concentrates, edibles, topicals and more at the retail store. The company currently operates more than 35 locations across the United States.
6. Work
5 year search growth: 21%
Search Growth Status: Normal
Year of establishment: 2015
Location: Denver, Colorado
Funding: $23.6 million (Series A)
What we do: Wurk is an HR SaaS company focused solely on the emerging cannabis market. Wurk founder Keegan Peterson produced the influential documentary Weed The People, which explored how medical cannabis impacts the daily lives of families.
The real value-add of Wurks is helping cannabis businesses get past the 280E tax law that restricts cannabis banking and accounting in the US, while also helping with simpler tasks like human resources and payroll.
7. Good Day Farm
5 year search growth: 2,833%
Search Growth: Explosive
Year of establishment: 2020
Location: Little Rock, Arkansas
Funding: $66.5 million (series unknown)
What we do: Good Day Farm is a multi-state cannabis operator with all cultivation and retail operations. The company currently operates more than 30 pharmacies in Arkansas, Missouri, Mississippi and Louisiana. In total, the brand has raised more than $65 million to build a large-scale cultivation facility and maintain its stronghold in the southern cannabis market.
8. Uncle Ernie
5-year search growth: 99x+
Search Growth: Explosive
Year of establishment: 2020
Location: Walnut, California
Funding: Private
What they do: Uncle Arnie's is a cannabis beverage company that produces THC-infused beverages. The relatively new brand has already sold more than 1 million bottles of the drink. Additionally, seven of the top 10 best-selling cannabis beverages in California are from Uncle Arnie's.
9. Novafarm
5 year search growth: -14%
Search growth status: peaked
Year of establishment: 2013
Location: Boston, Massachusetts
Funding: Private
What they do: Making cannabis products at home is a dream for cannabis enthusiasts and frequent consumers. Ardent's only product is a decarboxylation machine that turns raw cannabis into an edible or consumable state at home. They've branched out into the new Ardent FX, which combines the decarboxylation process and baking in one complete unit.
Exposing the process of creating edible products to at-home hobbyists creates a whole new class of cannabis entrepreneurs who don't need expensive lab space or expensive staff to create their own edible product line.
10. Delta Ex Rex
5 year search growth: 4,000%
Search growth status: peaked
Year of establishment: 2014
Location: Palm Springs, California
Funding: Private
What we do: Delta Extrax specializes in manufacturing Delta-8 THC products such as gummies, tinctures, and e-cig cartridges. Their products are derived from hemp and are legal under federal law. Delta Exlex is committed to providing high-quality, safe products to our customers and utilizes third-party testing to ensure our products are free of harmful contaminants.
11. Breathe Wellness
5 year search growth: 440%
Search growth status: peaked
Year of establishment: 2020
Location: Los Angeles, California
Funding: Private
What they do: Exhale Wellness offers a variety of CBD products, including tinctures, gummies, and topicals. Their products are made from high-quality organically grown hemp and are designed to promote relaxation and wellness. Exhale Wellness is committed to transparency and safety, providing detailed information about all of our products' sourcing and manufacturing processes, as well as third-party lab testing results.
12. Philo
5 year search growth: 64%
Search Growth Status: Normal
Year of establishment: 2019
Location: Chicago, Illinois
Funding: $98 million (Series C)
What it is: Fyllo Compliance Cloud enables cannabis businesses to comply with laws regarding digital advertising, messaging, and region-specific regulatory requirements. With strong cannabis clients such as Columbia Care, Grassroots, and Apothecanna, Fyllo is firmly established as the forefront of cannabis advertising planning and execution.
13. Ease
5 year search growth: -46%
Search growth status: peaked
Year of establishment: 2014
Location: San Francisco, California
Funding: $202.5 million (Series D)
What they do: Think of Eaze as the Doordash or UberEats of cannabis. Eaze connects local cannabis dispensaries to their customers, providing a secure and seamless delivery experience designed to benefit both consumers and vendors. Eaze was one of the earliest companies to advertise cannabis delivery, placing ads on buses, billboards, and buildings around San Francisco.
Eaze has delivered over 7.8 million orders, has 2 million registered customers, and has over 100 licensed brands.
14. Confident Cannabis
5 year search growth: -21%
Search growth status: peaked
Year of establishment: 2015
Location: Palo Alto, California
Funding: $15 million (Series A)
What they do: Confident Cannabis claims to have the world's largest real-time database of legal cannabis statistics. They also offer software that cannabis testing labs can use. By testing for compounds such as THC and CBD, dispensaries can share accurate product information with customers and build a brand following by providing customized advice based on what customers are looking for. You can.
15. Flow Hub
5 year search growth: -11%
Search growth status: peaked
Year of establishment: 2015
Location: Denver, Colorado
Funding: $45.8 million (series unknown)
What we do: Flowhub processes over $1 billion in cannabis sales annually through a complete point-of-sale platform. Flowhub allows vendors to not only process sales, but also track compliance, manage inventory, and analyze business intelligence data all from one place. Their team is currently building a suite of in-store apps and tools to make the retail purchasing process as seamless as possible for customers.
16. Vertical companies
5 year search growth: 40%
Search Growth Status: Normal
Year of establishment: 2014
Location: Agoura Hills, California
Funding: $58 million (Series A)
What they do: Vertical Companies is a cannabis company with operations in several U.S. states, including California, Arizona, and Ohio. They offer a variety of cannabis products under different brands, including flower, edibles, and concentrates. The vertical is focused on sustainability and social responsibility, working to reduce its environmental impact and support the communities in which it operates.
17. Nature Can
5 year search growth: 3,500%
Search Growth Status: Normal
Year of establishment: 2019
Location: Stockport, UK
Funding: Private
What they do: Naturecan is a CBD wellness brand that offers a variety of products including CBD oil, gummies, skin care, and balms. All Naturecan products contain CBD distillate from organically grown hemp produced using CO2 extraction methods. The startup currently operates in more than 30 countries and is expected to generate revenues of more than $22 million (£18 million).
18. Travel
5 year search growth: 172%
Search Growth: Explosive
Year of establishment: 2017
Location: London, UK
Funding: $22 million (Series A)
What we do: TRIP is a leading CBD brand based in the UK. The health and wellness company offers CBD-infused products such as oils, drops, and drinks to regulate the body's endocannabinoid system and reduce stress, anxiety, sleep, inflammation, and pain. TRIP-related videos on TikTok have been viewed over 4.2 million times, and the brand has grown to over 120,000 followers on Instagram.
conclusion
Cannabis is undoubtedly one of the hottest industries in the United States.
The potential federal legalization of cannabis would have major benefits for budding entrepreneurs and even big brands venturing into the industry.
The startups on our list cover every corner of the cannabis industry, from software to organic CBD oil and more.
As millennials continue to take over a larger share of the economy around the world, the growth of the cannabis industry is expected to accelerate as old norms and laws are repealed in favor of a demographic that is far more open to regular cannabis use.
