There’s no doubt that the cannabis industry is growing. Every year, new distributors and states enter the field. A growing industry is the perfect place for ambitious entrepreneurs to create new, hugely successful companies. Here are just a few of the most successful cannabis businesses in the industry from the past year.
Curaleaf’s Meteoric Rise
One of the biggest companies in the entire industry, Curaleaf Holdings has been growing for years. Despite the dragging cannabis stock landscape of 2019 and the pandemic complications of 2020, the company is on track to be the first in the industry to surpass $1 billion in earnings in a single year.
Curaleaf recently acquired both Cure Partners and Grassroots, two other well-known cannabis distributors. Between those acquisitions and its existing holdings, Curaleaf is in position to own more than six dozen dispensaries, and it has the licenses to open more than 130 more retail stores.
Two of the driving factors behind Curaleaf’s success are its charismatic chair, Boris Jordan, and its ability to buy out the competition. The combination is a potent mix that encourages expansion and success.
Planet 13’s Superstore
Where Curaleaf focuses on expansion and horizontal growth, Planet 13 does the opposite. From top to bottom, the business is a completely vertically integrated Las Vegas local. Instead of controlling properties throughout the country, Planet 13 focuses on making its local business the best it can be.
And what a best that is. With just a single retail location fueled by three production facilities and cultivation sites, Planet 13 still makes a massive impression in the most Vegas way possible. At 112,000 square feet, the Planet 13 Superstore is the largest cannabis retail location globally and attracts 1 million visitors annually. Its single retail site accounts for 10% of all cannabis sales in Nevada as a whole.
The company is finally looking to start expanding. Expect to see two more superstores opening in Las Vegas and California this year as Planet 13 focuses on quality over quantity.
Reed Construction’s Cannabis Contracts
The cannabis industry is far more than just dispensaries and cultivation facilities, of course. Businesses are pivoting left and right to support the needs of these unique locations. For example, Reed Construction in Chicago has dedicated an entire branch of the company to building cannabis locations and catering to the complex regulations and quirks of different states.
After Reed Construction was approached by its first cannabis customer, it realized exactly how big this market opportunity was. It took its history in medicine and life sciences construction and put it to excellent use in the new field. The result? Reed has built facilities for cannabis businesses in 10 states, from cultivation locations to retail centers, and it has become one of the most successful cannabis businesses nationally.
Help Your Company Grow Like a Weed
It’s the best time in history to turn a cannabis idea into a thriving business. Whether you’re interested in opening your first location or growing your business to compete with the big boys, Bespoke Financial can help. With inventory financing and cannabis business loans from Bespoke, you can guarantee that you always have the materials you need to keep growing while you remain free to focus on more important things.