Sonoran Roots Ranks No. 10 Among America's Fastest-Growing Private Companies in 2023
TEMPE, Ariz., Aug. 18, 2023 /PRNewswire-PRWeb/ -- On Aug. 15, 2023, Inc. revealed that Sonoran Roots ranked No. 10 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy's most dynamic segment—its independent, entrepreneurial businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other household name brands gained their first national exposure as honorees on the Inc. 5000.
"We're extremely proud to be ranked No. 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 percent 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, Ariz. in September 2023."
The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year's top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent. In all, this year's Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location and other criteria, are available at http://www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, Aug. 23.
"Running a business has only gotten harder since the end of the pandemic," says Inc. editor-in chief Scott Omelianuk. "To make the Inc. 5000 – with the fast growth that it requires – is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future."
In addition to being ranked No. 10 in the U.S., Sonoran Roots achieved the No. 1 ranking for all companies in Arizona, as well as the No. 1 ranking for all companies in the Health Products category. "The growth we have experienced is a testament to the commitment our entire team, from ownership to entry level staff, has shown to making Sonoran Roots a best-in-class company in the cannabis industry," said O'Brien. "We are excited for what's to come in 2024, and are excited that we are able to represent the Arizona cannabis and business community."
About Sonoran Roots
Sonoran Roots is a vertically integrated, craft cannabis company headquartered in Tempe, Ariz. As an independent and locally-owned company founded by Arizona natives, Sonoran Roots maintains a focus on producing high quality, clean, and compliant cannabis products to its customers.
The company owns and operates three Arizona cultivation facilities in Mesa and Tempe, a state-of-the-art extraction lab in Tempe, and retail dispensaries in Glendale and Florence, with the Chandler location opening September 2023. The company's family of brands is well known in the Arizona cannabis market, and includes:
- Canamo Concentrates, the extraction division of the company, with a broad lineup of products including concentrates, vape cartridges and CBD products
- Ponderosa Dispensary, the retail division of the company, serving both medical patients and adult-use customers
- Sonoran Roots, the cultivation division of the company, which supplies Ponderosa Dispensary and the Canamo extraction lab, sells wholesale flower products to other licensed dispensaries, and has collaborative partnerships with several respected operators in the Arizona market
For more information, please visit us on Instagram @dayofthedabs_az, @canamocbd, @pondyaz, and @sonoran.roots, or visit http://www.sonoranroots.com.
More about Inc. and the Inc. 5000
Methodology
Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.
About Inc.
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.'s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit http://www.inc.com.
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SOURCE Sonoran Roots
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