Cannatrek has placed second on the Australian Financial Review’s Fast 100 List 2023 after a year in which it doubled revenue to almost A$90 million.
CEO and founder Tommy Huppert told the AFR the firm was “committed to making plant-based medicines affordable and accessible for all”.
He said Cannatrek has seen “rapid growth” in revenue, profit and patient numbers with “more than two years of consecutive monthly profits”.
The AFR said the company, which has around 900 shareholders and 130 employees, is “deliberately setting itself up to be ready for strong growth, ensuring there is substantial capacity in the group’s infrastructure to tap into the upside as demand keeps rising”.
It added some 50,000 people have used Cannatrek products to date.
Meanwhile, Melbourne-based start-up Nectar Brands has placed eighth on the Fast Starters List.
The firm’s portfolio includes medicinal cannabis telehealth platform Polln, the Cultiva product range and online clinic Hazel, which is dedicated to female pain.
Co-founded by Chris Nasr and Grace Tan in 2020, it now has more than 20 staff and recorded revenue of $11.5m in FY23.
Tan told the AFR the pair “saw the need to bridge the gap between conventional healthcare and holistic, evidence-based natural medicine”. She added the firm was “on a mission to close the gender pain gap”.
Other medicinal cannabis companies to make the Fast Starters List included Perth-based MediCann Health, which grew revenue by 175% to just over $3m between FY20 and FY23 and ranked 71st; and Vitura Health, which saw revenue grow from $21.7m in FY21 to almost $120m last year. It ranked 91st, despite recording the second highest revenue on the list.
The Fast 100 List recognises the fastest-growing large, established companies. To be eligible, they must have recorded minimum revenue of $5m in FY23, more than $0 in FY21, and have started trading before July 1, 2018.
The Fast Starters List recognises the fastest growing, young companies. To be eligible, they must have recorded minimum revenue of minimum $500k in FY23, more than $0 in FY21, and have started trading after July 1, 2018.
Vitura (then Cronos Australia) merged with CDA Health in 2021, hence its inclusion in the Fast Starters List rather than the Fast 100.