LinkedIn’s Top 50 Startup List just happened and the cannabis industry has several startups on the list. This is a big deal because the economy has not been kind to cannabis stocks and the industry as a whole. Although a dream for many, creating a successful startup is one of the most challenging things to do.
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As inflation and real estate continue to go up, and economic uncertainty looms over the horizon, it seems more and more out of reach. Funding for startups has dropped for the first time in three years, and many companies are planning to make layoffs and hiring freezes to deal with 2023 predictions.Â
Agreed, this may seem challenging, but many of the most ground-breaking and successful ideas come with tension and disparity. For example, Disney was created during the peak of The Great Depression. Companies like Trader Joe’s, IBM, and General Electric were also introduced during recessions and economic downturns.Â
But luckily, one of the biggest business sectors that have the potential to grow is the cannabis market. Since being legalized more and more, cannabis is continuing to grow in popularity for recreational and medicinal use. With that said, here are three cannabis startups that are making serious waves in the industry during this uncertain time and helping all cannabis companies thrive.Â
Dutchie
Meet the Square for sweet joints. First rolled out in 2017 in Bend, Oregon, Dutchie uses innovative software designed to connect dispensaries to people all over the country with point of sale, e-commerce, and insurance. According to their website, “Through our technology, we’re helping cannabis businesses start, operate, and grow with confidence.”
Since its start, the company has processed $14 billion in cannabis sales, worked with over 5 thousand brand partners, and served over 40 markets. Overall, their knowledge has helped many dispensaries be more productive, streamlined, and efficient.Â
To make things even better, Dutchie is partnering with the Last Prisoner Project. This non-profit is determined to help free all 40,000 people still incarcerated for marijuana offenses in the United States.Â
TreezÂ
Ok, so they put the logistics in legalization.Â
Initially planted in 2016 in Oakland, California, Treez is another software company that has helped many dispensaries grow their businesses through cloud commerce tech and insights. This includes connecting growers and distributors with inventory management capabilities and point of sales analytics. Ultimately they provide the supply chain with streamlined data and ways to always stay on top of sales, distribution, and payment.Â
In the last three years, the company has seen 331% revenue growth, is valued at $250 million, and was named as one of Inc. 5000’s List of Fastest Growing Private Companies in America. Â
HeadsetÂ
Sit back. Relax. And get to know Headset.Â
Originally grown in Seattle in 2015, Headset is determined to master customer trends, purchasing behavior, and analytics in the cannabis industry. They have not only created a great way to use data for sales but also can leverage those numbers to create effective advertising campaigns on social, emails, SEO, and blogs.Â
In the end, they take state-of-the-art data and give it to local cannabis companies — giving them the insights needed to always be in tune with the market.Â
So Here’s the Deal
When the world dries up economically, certain companies come out in survival mode and find new ways to make money. Remember, greatness comes from strife, not success. These three cannabis companies are creating solutions for the industry, and by solving serious problems, they succeed.Â
Hopefully, this industrious trend will continue to the next level of productivity, big thinking, and longevity. I also hope these companies continue to help small businesses and entrepreneurs become whoever they dream of growing to become in the cannabis industry.
