It is no secret that cannabis is an emerging market navigating a unique set of restrictions. American cannabis companies, for example, are making huge strides to create multi-state operations in legal states to shape the market as it develops. These top cannabis startups across the globe are paving the way for this newly legal industry to thrive through technology, science, and innovation.
Top Cannabis Startups to Watch
Every year, new startups pull to the forefront of their industry through exciting innovation and industry-disrupting business models. We’ve rounded up the top cannabis startups of 2024 that startup-lovers, investors, and aspiring entrepreneurs should follow.
Disclaimer: With so many exciting cannabis companies launching and growing worldwide, we aren’t able to cover them all. Furthermore, the startups that are listed below are not officially ranked and are listed in no particular order.
1. Aeropay
- Location: Chicago, Illinois
- Founder(s): Daniel Muller
- Founded In: 2017
- Funding: Series B, $25 Million
- Investors Include: Chicago Ventures, Group 11, Continental Investment Partners
Aeropay is a financial technology startup that provides payment processing solutions for the cannabis industry and beyond. The company offers a secure, compliant, and user-friendly platform that enables cannabis businesses to accept digital payments, reducing their reliance on cash transactions. Aeropay’s system allows customers to pay for cannabis products using their bank accounts while ensuring all transactions are properly tracked and reported in accordance with state and federal regulations.
2. Parallel
- Location: Atlanta, Georgia
- Founder(s): Jake Bergmann, Wes Van Dyk
- Founded In: 2014
- Funding: Debt Financing, $365.7 Million
- Investors Include: SunStream USA, Poseidon Asset Management
Parallel is a multistate cannabis company dedicated to enhancing lives through the transformative potential of cannabis. Championing the plant’s benefits, Parallel challenges misconceptions and revolutionizes access to wellness. With a commitment to innovation, quality, and social equity, the company fosters an inclusive community united in the pursuit of well-being. Parallel offers a curated selection of high-quality cannabis brands and products, promising an exceptional and consistent experience. The leadership team nurtures talent and lives their values, embracing diversity and prioritizing well-being to lead in the industry.
3. Würk
- Location: Denver, Colorado
- Founder(s): Keegan Peterson
- Founded In: 2015
- Funding: Series A, $26.7 Million
- Investors Include: Altitude Investment Partners, Poseidon Asset Management, Salveo Capital
Würk is a leading workforce management software provider tailored for the cannabis industry, offering a comprehensive platform that streamlines human resources (HR) processes, payroll, scheduling, and compliance. Founded by professionals with extensive experience in cannabis and HR technology, Würk’s mission is to empower cannabis businesses to focus on growth and innovation by addressing the unique challenges they face (e.g., complex regulations, high turnover rates, and the need for seamless tracking and reporting).
4. Cresco Labs
- Location: Chicago, Illinois
- Founder(s): Brian McCormack, Charlie Bachtell, Dominic Sergi, Joe Caltabiano, Rob Sampson
- Founded In: 2013
- Funding: Post-IPO Equity Funding, $522.5 Million
- Investors Include: BAM Elevate, Merida Capital Holdings
Cresco Labs is a multi-state cannabis retailer and producer that focuses primarily on the optimization of cannabis wholesale throughout its 37 locations nationwide.
5. C3 Industries
- Location: Ann Arbor, Michigan
- Founder(s): Ankur Rungta, Joel Ruggiero, Vishal Rungta
- Founded In: 2018
- Funding: Debt Financing, $100.2 Million
- Investors Include: Madison Square Park Capital, Navy Capital, Welcan Capital
Originally from Oregon, C3 Industries has developed a vertically integrated cannabis experience from cultivation to retail in both Oregon and Michigan, with future development in Massachusetts.
6. Jane Technologies
- Location: Soquel, California
- Founder(s): Socrates Rosenfeld
- Founded In: 2015
- Funding: Series C, $127 Million
- Investors Include: Gotham Green Partners, Honor Ventures, Third Point Ventures
Online cannabis, as well as other ecommerce brands, can use Jane Technologies’ services to improve sales through their easy-to-use dashboard, analytics services, and product content capabilities.
7. LeafLink
- Location: New York City, New York
- Founder(s): Ryan G. Smith, Zach Silverman
- Founded In: 2016
- Funding: Series D, $479 Million
- Investors Include: Founders Fund, Nosara Capital, L2 Ventures
LeafLink is a business-to-business (B2B) platform that connects cannabis retailers, brands, and distributors seamlessly to provide a better customer experience and improve the cannabis supply chain overall.
8. Holistic Industries
- Location: Capitol Heights, Maryland
- Founder(s): Josh Genderson, Keith Morgan
- Founded In: 2011
- Funding: Later-State Venture Capital Funding, $156.1 Million
- Investors Include: Franklin Street Partners, Altmore Capital, Harbert Growth Partners
One of the largest multi-state operators in the US, Holistic Industries provides a vertically-integrated cannabis experience for customers as well as a positive work environment for their employees.
9. PharmaCann
- Location: Chicago, Illinois
- Founder(s): Teddy Scott, John Leja, Norah Scott, Christina Leja
- Founded In: 2014
- Funding: Debt Financing, $532 Million
- Investors Include: Big Rock, Key Investment Partners, Leggett Ventures
PharmaCann is a cannabis startup with operations in multiple states across the United States, including New York, Illinois, Massachusetts, Pennsylvania, and Ohio. The company focuses on the cultivation, processing, and distribution of high-quality cannabis products for both medical and adult-use markets. PharmaCann owns and operates state-of-the-art cultivation facilities, processing centers, and dispensaries under the brand names Verilife and LivWell.
10. Good Day Farm
- Location: Little Rock, Arkansas
- Founder(s): Eric Thornton, Ryan Herget
- Founded In: 2020
- Funding: Series Unknown, $106 Million
- Investors Include: Reid Dove, Stephen LaFrance, Wendy LaFrance
Good Day Farm is a vertically integrated cannabis company founded in 2020, with operations in Arkansas, Missouri, and Louisiana. The company focuses on producing high-quality, responsibly grown cannabis products, including flower, edibles, and concentrates. Good Day Farm’s mission is to provide patients and consumers with a consistent, safe, and enjoyable cannabis experience while prioritizing sustainability and community engagement. The company owns and operates state-of-the-art cultivation facilities, processing centers, and dispensaries, ensuring control over the entire supply chain.
11. Flourish Software
- Location: Atlanta, Georgia
- Founder(s): Bennett Adams, Colton Griffin, Juan Carlos Garcia
- Founded In: 2017
- Funding: Seed, $2.1 Million
- Investors Include: Krillion Ventures, Quixotic Ventures, Circadian Group
Flourish Software is a technology company founded in 2017 that provides a cloud-based, seed-to-sale enterprise resource planning (ERP) solution for the cannabis industry. Their software platform offers a comprehensive suite of tools designed to help cannabis businesses manage their operations efficiently while maintaining regulatory compliance. Flourish Software’s features include cultivation management, inventory tracking, point-of-sale integration, wholesale distribution, and robust reporting and analytics.
12. Canix
- Location: San Francisco, California
- Founder(s): Artem Pasyechnyk, Stacey Hronowski
- Founded In: 2019
- Funding: Series A, $14 Million
- Investors Include: Y Combinator, Floret Ventures, Phyto Partners
Canix is a software startup that provides a comprehensive, seed-to-sale platform for licensed cannabis businesses. Specifically, offering tools for cultivation management, inventory tracking, compliance, sales processing, and analytics — all aimed at simplifying operations and ensuring regulatory adherence in the complex cannabis industry.
