According to the 2023 Inc. 5000 list, Arizona is home to over 100 of the country’s fastest-growing private companies.
Sonoran Roots, a Tempe-based craft cannabis company, made the list at the #10 spot — making it the highest ranked company in Arizona. The company saw 24,397% revenue growth from 2019 to 2022, Axios noted. Sonoran Roots operates a marijuana dispensary, a CBD line, and multiple cannabis brands.
“We’re extremely proud to be ranked #10 on the 2023 Inc. 5000 List of Fastest Growing Private Companies in America,” said Michael O’Brien, CEO of Sonoran Roots. “We are a 100% locally owned and operated business, with more than 175 employees spread across our cultivation division, Sonoran Roots, our extraction division, Canamo Concentrates, and our retail dispensary division, Ponderosa Dispensary. We would like to thank all of our employees, present and past, for contributing to this tremendous achievement, and we look forward to continued growth, including the opening of our third Ponderosa Dispensary location in Chandler, Arizona in September 2023.”
Scottsdale consulting firm MO Studio and Tempe solar company Kayo Energy also made the top 100, ranking 95th and 51st respectively.
To make the cut, the minimum revenue required for 2019 was $100,000, while the minimum for 2022 was $2 million.
In all, the companies saw 217% median growth and added more than 9,200 jobs to the local economy over three years.