The legalized world of marijuana is big business. In California alone, sales reached $1.1 billion last year, according to a recent report from CBS News. Now with the medical marijuana sector legal in 23 states and Washington, D.C., entrepreneurs and companies are getting in on this lucrative "pot" of gold. Take for instance, Kush Bottles, the Los Angeles-based supplier of certified, child-resistant packaging, branded exit solutions and accessories for the cannabis industry, which was just recognized by Inc. 5000 list of Fastest Growing Companies in America. The company was ranked #774, which falls in the top 20% of all companies on the list and joins the ranks of Microsoft, GoPro,Yelp, Domino's Pizza, Zillow, Timberland, Vizio, Intuit, Chobani, Oracle and Zappos. Not bad company to keep, if you ask me.
"The story of this year's Inc. 5000 is the story of great leadership. In an incredibly competitive business landscape, it takes something extraordinary to take your company to the top," says Inc. President and Editor-In-Chief Eric Schurenberg. "You have to remember that the average company on the Inc. 5000 grew nearly six-fold since 2012. Business owners don't achieve that kind of success by accident."
PlasticsToday reached out to Kush Bottles in an interview to find out what the secret to their success is.
"We attribute our rapid growth to a combination of factors," said Nick Kovacevich, Co-Founder and CEO of Kush Bottles Inc. "We are in the right business at the right time, which allowed us to create a marketable brand and have first mover status. Moreover, our team has performed remarkably in all areas, including sales, customer service and marketing communications. We have also been able to create valuable strategic relationships with key partners throughout the industry."
"Our strategy has always been to provide premium quality products—without compromise. We were among the first in the industry to provide certified child resistant containers that are up to FDA and Consumer Product Safety Commission standards. We also have a boots on the ground approach, distribution centers throughout the United States and customer service representatives that regularly visit our customers. We are viewed as a trusted partner, a reliable source of up-to-date information on regulations affecting the industry, and an innovative provider of solutions."
"We are thrilled to have been named one of the Inc. 5000 Fastest Growing Private Companies," adds Kovacevich. "I'm thankful for the people at Kush Bottles, who have worked so hard to help us reach our goals, and in large part, are the reason we were included in this prestigious list."
In a statement, Kush Bottles compared the ranking to winning an Oscar. "Being recognized by Inc. is very powerful," Kovacevich said. "I think this will open many new doors for us. I've been warned our phones might start to ring off the hook from venture capitalists and bankers who want to lend money or invest."
So far, the company has sold more than 50 million bottles in all 23 states that permit adult-use or medical marijuana, as well as in Canada. Earlier this year, they acquired Colorado-based Dank Bottles making them the only cannabis packaging company with full service distribution centers in the three largest marijuana markets: California, Colorado and Washington.