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The 2015 CBE 100 Producers, Processors and Retailers (PPRs)

The year of the Operator

2015 has been an interesting year in the Cannabis industry. On the enterprise front, it has mostly been about licensees building legitimate, tax paying businesses in the 20 plus states and the District of Columbia with state regulated medical marijuana programs and the 4 recreational/adult-use approved regulated state programs (Colorado, Oregon, and Washington are now fully operational while Alaska continues to develop its program).

It has also been a year for these legally, licensed non-profit and for-profit businesses to develop and institute best practices, all with the end goal of running a healthy and successful ongoing concern that contributes to the economy by creating jobs for thousands of tax paying citizens and supporting local, state and federal initiatives by paying their inordinately high share of businesses taxes. State approved and regulated operators continue to face federal government interference in the form of prohibitive actions regarding access to federally chartered and insured banks (The Fed Crosses the Line: Fourth Corner Credit Union Denied) and unequally applied Federal tax enforcement issues, ie: 280E. And, unlike other industries, cannabis operators have to navigate a variety of other conflicts between state and federal laws.

In the Golden State, California, (with arguably the 7th or 8th largest economy in the world), cannabis is still largely unregulated (with the exception of the Bay Area and a few friendly locally regulated pockets in northern CA) creating all kinds of issues for operators trying to run legitimate medical marijuana co-operatives in the face of raids and significant intrastate transportation issues. It’s a mess in a state that some estimate produces as much as 60% of the legal and illegal cannabis consumed in the US annually, but the recently signed regulations by Governor Jerry Brown are an encouraging sign for medical operators in the state.

With all of that in mind, CBE is following up last year’s inaugural CBE 100 with the, as promised, 2015 list which is based more on real quantitative data (Washington win’s the award for the most transparent state by reporting I502 licensee revenues and taxes on a monthly basis), interviews with industry operators from most of the legal and quasi-legal medical and recreation regulated markets that have shared their best practices, and vendor partner information with CBE over the last 12 months, and by piecing together information from a variety of public sources.

We would like to thank all of those who have made this year’s list. CBE believes that transparency helps establish industry legitimacy where operators are still viciously stymied and, in some cases, heavily penalized by prohibition supporters or just plain old mean-spirited local, state or federal prosecutors or overzealous, corrupt and ignorant law enforcement officials or criminal justice and penal system workers who have been spoiled by the overtime dollars their departments receive annually from the  federal war on drugs.

We also want to especially thank our contributing experts, many of whom either work for legal operations, ancillary businesses our regulatory authorities and industry friends that have pointed us in the right direction to share the information on the 2015 CBE 100 PPRs in hopes of attracting investment dollars from the US capital market system to prime the pump for the fastest growing industry in the country.

Following the tradition and franchise established with last year’s CBE 100, CBE Political 50, CBE Most Influential Women, and The 10 Most Important Companies in the Cannabis Industry there ultimately will be four components to the 2015 list series released over the next several months.

  • The CBE 200 will be broken into two parts:
    • The 100 largest operators in the business (CBE 100 PPRs)
    • the CBE 100 Ancillary Businesses
  • The CBE Political 100 which is composed of the 100 most influential federal & state regulatory, policy and political players.
  • CBE’s Most Influential Women
  • CBE’s Most Important Businesses in the Cannabis Industry

The 2015 CBE 100 PPR’s

My friend Matt Karnes, Founder and Managing Partner at Green Wave Advisors, LLC, released the Second Edition of Green Wave Report just last week that reviews current trends and projections for the legal cannabis industry. For those of you interested in the development potential that the industry represents, Green Wave Advisors has increased its 2015 estimate of retail sales in legal markets from $3.6 billion to $4.8 billion, up 50% from what they reported in 2014. They have also raised their industry forecast of revenues to $25 billion by 2020 in light of rapidly evolving statewide initiatives toward both medical and recreational acceptance and regulation from the $20 billion they had projected a year earlier.

The report also notes that capital investment flowing into the industry has increased from $300 million YTD through Sept in 2014 to over $400 million for the same period of 2015. The report is bullish on the Infused product sector composed of edibles, oils, tinctures, salves etc. as consumption patterns and habits are evidenced by the 30-50% that they represent in several regions.

This year’s CBE 100 PPRs represents nearly a billion dollars of reported revenues from only a fraction of the licensed operators in the country. Most are privately held firms (many not-for-profit in medical only regulated states), not currently listed by any exchange, a goal of CBEs from the outset, in light of the large number of scam and non-revenue producing OTC traded stocks that have given the industry a black-eye and attracted a good amount of private and individual investment dollars. We hope this year’s list will help private, individual and institutional capital flow to the owner operators that are building the next great American industry and leading the way to the worldwide end of prohibition.

One exception to this year’s list is GW Pharma, the publicly traded cannabis pure play pharmaceutical company (with its new US HQ in California), listed on the NASDAQ and,  which according to its quarterly financial reports, will do some $35 Million in worldwide revenues through the first 3 quarters of 2015.

Included on this year’s list are companies from Arizona, California, Colorado, District of Columbia, Florida, Maine, New Mexico, Oregon, Rhode Island,  and Washington. California is represented primarily by the not-for-profit cooperatives in the Bay area and few brave companies in other parts of the state that believe that transparency, paying taxes and running a legitimate business are here to stay and the future of the industry. We have not included the small farmers and businesses/growers of Northern California’s Emerald Triangle that employ thousands of workers and are actively working with the state to become part of the new regulatory initiatives, but recognize, as all of you do, the importance and financial contribution to the revenue totals and corresponding jobs and taxes projected for the industry for year’s to come. (See The View from the Emerald Triangle)

Some highlights from this year’s list include:

  • The top four state’s with the most companies represented on the list include Washington, Colorado, California, Arizona and Oregon
  • Leading Processors on this year’s list include some of the established brands like: O.penVape, Dixie, Bhang Chocolates, GFarma , Golden Leaf, Kiva, and VCC Brands.
  • Leading Retailers and Fully Integrated operations include LivWell, Native Roots, Harborside Health Center, SPARC, Colorado Harvest Company (part of the O.penVape family) and Nature’s AZ Medicines.

Congratulations to the 2015 CBE 100 PPRs Top Ranked Company, LivWell Enlightened Health, based in Denver, CO, CEO John Lord and the entire dedicated team of 500 plus employees that have seen 2015 revenues double to over $80 million. The vertically integrated company operates out of their 140,000 sf HQ in Denver which houses a grow and a processing plant to produce their line of infused and edible products and their 12 retail locations in the state of Colorado.They plan to add additional outlets in and out-of-state in the not too distant future.

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RankCompanyHQOwnership/ Management TeamStaff2015
Revenues
(000)
2014
Revenues
(000)
% ChangeCategory
100



District Growers
Washington DCCorey Barnette755030083.33%Producer, Processor
100


Metropolitan Wellness Center
Washington DCMichael Cuthriell & Corey Barnette7
1,500500100.00%Retailer
99



Auntie Delores
Oakland, CAJulianne Carrella161,00078028.21%Processor
98


Mountain Medicine
Denver, COJaime Lewis101,200600100.00%Processor
97


Cannasol Farms
Riverside, WAJeremy MobergNA1,525515196.12%Producer, Processor
95


Farmer J's
Spokane Valley, WAJared HerlingNA1,615600169.17%Producer, Processor
94


Greenleaf Compassion Center
Portsmouth, RISeth Bock, co-owner251,6501,6152.17%Producer, Processor, Retailer
93


Thames Valley Alternative Relief
Uncasville, CTLaurie Zrenda and Meredith Elmer122,0001751042.86%Retailer
92


PureGreen
Portland, ORMatt & Megan Walstatter122,0001,60025.00%Producer, Processor, Retailer
91


Nothwest Patients Resource Center
Seattle, WAJohn Davis142,0002,0000.00%Retailer
90


Noble Farms (Spinning Heads)
Tacoma, WAChris Kealey, Brent Gravley & Natasha Combs2,000543603.70%Producer, Processor
89



Botanica Seattle
Seattle, WATim Moxey302,000250700.00%Producer, Processor
88


The Clone Zone
Arlington, WABrian Lade182,0250First YearProducer, Processor
87


Cultivated Industries
Portland, ORNorris Monson, Angel Henne, Neil Clementson152,100650223.08%Producer, Processor,
86


Green Fire Production
Arlington, WAKeith Holton252,1001613025.00%Producer, Processor
85


Life Gardens
Kittitas, WAMark Ziegler, Coo302,130462361.04%Producer, Processor
84


Prime Wellness of CT
South Windsor , CTTom Nicholas102,150213First YearRetailer
83


Avitas
Arlington, WAJason Smits and Adam Smith152,165578274.57%Producer, Processor
82


Canuvo
Biddeford, MESage Peterson182,2001,40057.14%Producer, Processor, Retailer
81


Evergreen Herbal (part of VCC Brands)
Seattle, WAMarco Hoffman & Kenny Morrison402,3001,30076.92%Processor
80


GROWSTATE-ONE
Spokane , WAKip Paulson482,3000First YearProducer, Processor
79


Altitude
Prosser, WATim ThompsonNA2,546858196.76%Retailer
78


Shango
Portland, ORBrandon Rexroad, Shane McKee, Ashley Hollo and John Davis642,600250940.00%Producer, Processor, Retailer
77


ARTIZEN CANNABIS COMPANY
Tacoma, WAGeorge Jordan652,6500First YearProducer, Processor
76


Buddy Boy Farms
Spokane, WAKenneth "DJ" Parker & Steve Walser202,750800243.75%Producer, Processor
75


Catalina Hills Care
Oro Valley, AZNolan RyanNA3,000NA#VALUE!Producer, Processor, Retailer
74


OR Finest
Portland, ORTyson Haworth, Troy Moore, Mark Seid353,0001,60087.50%Retail
73


Om of Medicine
Ann Arbor, MIMark Passerini12NANANARetailer
72


Dockside Cannabis
Seattle, WAMaria Moses, aaron Varney, Oscar Velasco-Schmitz463,232NAFirst YearRetailer
71


Bud's & Roses
Studio City, CAAaron Justis153,3002,50032.00%Producer & Retailer
70


Bluepoint Wellness of CT
Branford, CTNick & Judy TamborrinoNANANAFirst YearRetailer
69


Rogue Raven Farms
Chelton, WAMarc Van Driessche303,5000First YearProducer, Processor
68


Arborside
Ann Arbor, MIRhory Gould143,5002,50040.00%Retailer
67


Green Lady
Olympia, WAMike Redman123,605441717.46%Retailer
66


Cinder
Spokane , WAJustin Peterson123,7001412520.40%Retailer
65


Issaquah Cannabis Company
Issaquah, WAClifford Gehrett203,8000First YearRetailer
64


Rainier on Pine
Tacoma, WAAlex Rodriguez193,8901,224217.81%Retailer
63


Speedweed
Los Angelas, CAAJ Gentile684,0002,50060.00%Producer, Processor, Retailer
62


The New Mexicann
Santa Fe, NMLen Goodman364,0002,25077.78%Producer, Processor, Retailer
61


The Herbery
Vancouver, WAJim Mullen & Rick Zahler404,0500First YearRetailer
60


Minerva Canna Group
Albequerque, NMEric Briones384,3002,600NAProducer, Processor, Retailer
59


Cheeba Chews
Denver, CODave Maggio354500NANAProcessor
58


EdiPure (Green Cross LLC)
Denver, COMark Austin SmithNA4500NANAProducer, Processor
57


Green-Theory
Bellevue, WAJohn and Debbie Bacon254,858977397.03%Retailer
56


Dank
Denver, COGreg Gamet & Justin Jones304,4004,1007.32%Producer, Processor, Retailer
55


Zoots (Db3)
Seattle, WAPatrick Devlin5,240847518.65%Producer, Processor
54


Herball Wellness Center
Phoenix, AZThai NguyenNA5,400NANAProducer, Processor, Retailer
53


Reynold Greenleaf & Associates, LLC
(R. Greenleaf Organics, Inc.; Medzen Services, Inc.;
G & G Genetics, Inc.; Elemental Kitchen & Laboratories)
Albequerque, NMWillie Ford635,4842,81095.16%Producer, Processor, Retailer
52


Sativa Sisters
Spokane, WADon Henrichs145,5001,500266.67%Retailer
51


Satori
Spokane, WAJustin & Estee Wilson135,500645752.71%Retailer
50


BMF WASHINGTON
Raymond, WAPeter Saladino455,5001,746215.01%Producer, Processor
49


The Novell Tree
Bellevue, WAAllie & Chris McAboy125,8003111764.95%Retailer
48


Northwest Cannabis Solutions
Olympia, WALeo Gontmakher1005,9000First YearProducer, Processor
47


Clear Choice Cannabis
Tacoma, WAAdam Schmidt226,000950531.51%Retailer
46


Greenlight
Spokane, WASonny Langdon126,1004071398.77%Retailer
45


Cannabis City
Seattle, WAJames Lathrop156,3003,113102.38%Retailer
44


Thomas C, Slater Compassion Center
Providence, RIGerald McGraw566,5005,11527.08%Producer, Processor, Retailer
43


Ocean Greens
Seattle, WAOltion HyseniNA6,500965573.51%Retailer
42


Venice Cookie Company (Part of VCC Brands)
Venice, CAKenny Morrison & Marco Hoffman507,000NANAProcessor
41


Bloom Dispensary AZ
Phoenix, AZEd JudiceNA7,200NANAProducer, Processor, Retailer
40


Denver Relief
Denver, COEan Seeb
Kayvan Khalatbari
Nick Hice
217,500NANAProducer, Retailer
39


Chalice Farms
Portland, ORWilliam Simpson348,0001,500433.33%Producer, Processor, Retailer
38


Green Side Rec
Seattle, WASeth Simpson & Dave Ahl308,2001,144616.78%Retailer
37


Grow Op Farms
Spokane, WANA
1008,5004917246.94%Producer, Processor
36


PP Wellness Center
Glendale, AZPaul Perez & Branden Orr509,000NANAProducer, Processor, Retailer
35


Monarch
Scottsdale, AZDustin JohnsonNA9,600NANAProducer, Processor, Retailer
34


Phytologie
Oakland, CAJamie D'AgostinoNANANANAProducer, Retailer
33


Bloom Room Collective
San Francisco, CAStephen RechitNANANANAProducer, Processor, Retailer
32


TruMed Dispensary
Phoenix, AZJon Pilkington & Mike Anton4010,0009,00011.11%Producer, Processor, Retailer
31


Live Green Cannabis
Denver, COBrook Gehring8010,00010,0000.00%Producer, Processor, Retailer
30


Good Meds
Denver, COKristi Kelly55-7010,0004,500122.22%Producer, Processor, Retailer
29


Incredibles
Denver, COBob Eschino & Rick Scarpello5510,0005,000100.00%Producer, Processor, OEM
28


Kiva Confections
Bay Area, CAScott Palmer & Kristi Knoblich
5010,000NANAProcessor
27


G Farmalabs
Anaheim, CAAta Gonzalez, Nicole Gonzalez, Dr. Cristina Gonzalez 5011,7004,000192.50%Producer & Processor
26


MedWest
San Diego, CAJim SlaticNA12,000NANAProcessor
25


Euflora
Denver, COJamie Perino5012,0004,000200.00%Producer, Retailer
24


New Vansterdam
Vancouver, WABrian Budz5012,5002,795347.23%Retailer
23


Blum Oakland
Oakland, CASalwa Ibrahim, Margaret Moore and Lillian King6215,00011,50030.43%Producer, Processor, Retailer
22


Apothecarium
San Francisco, CARyan Hudson55NANANAProducer, Processor, Retailer
21


Wellness Connection of Maine
Portland, MEPatricia Rosi6815,00010,00050.00%Producer, Processor, Retailer
20


The Clinic Colorado
Denver, COMax Cohen135NANANAProducer, Processor, Retailer
19


Mindful
Denver, COMeg Sanders11415,0006,300138.10%Producer, Processor, Retailer
18


Uncle Ike's
Seattle, WAIan EisenbergNA15,5005192884.21%Retailer
17


Golden Leaf Production
Portland, ORDon Robinson7216,00012,00033.33%Processor
16


Mainstreet
Vancouver, WARamsey & Adam Hamide3616,0001,800788.89%Retailer
15


Berkeley Patients Group
Berkeley, CA.Tim Schick8017,50015,00016.67%Retailer
14Shawn Phillips (Strainwise Branded Stores)Denver, COShawn Phillips250NANANAProducer, Retailer
13


Medicine Men
Denver, COAndy Williams6818,0008,600109.30%Producer, Processor, Retailer
12


Natures AZ Medicine 1
Phoenix, AZMark Steinmentz4819,200NANAProducer, Processor, Retailer
11


Rocky Mountain High
CO/NJDavid & Michael WeisserNANANANAProducer, Processor, Retailer
10


Colorado Harvest Company
Boulder, COTim Cullen65-10020,0008,300140.96%Producer, Retailer
9


Bhang Chocolates Company
Miami, FLScott Van RixelNANANANAProcessor, Private Lable
Consumption Gear and Licensing
8


SPARC
San Francisco, CAEric Pierson & Robert Jacob28225,42616,73051.98%Producer, Retailer
7


Harborside
Oakland, CASteve DeAngelo13830,00030,0000.00%Producer, Processor, Retailer
6


Green Solutions
Denver, COKyle & Eric SpeidellNANANANAProducer, Processor, Retailer
5


GW Pharma
Salisbury, UKJustin Gover35036,00035,0002.86%Pharma
4


Native Roots
Denver, COJosh Ginsberg300NANANAProducer, Processor, Retailer
3


Dixie Brands
Denver, COTripp KeberNANANANAProcessor
2


O.penVAPE (Allied Concessions Group & National Concessions Group (Licensing Arm)
Denver, CORalph Morgan120NANANAProcessor, Private Lable
Consumption Gear and Licensing
1


LivWell Enlightened Health
Denver, COJohn Lord50080,00040,000100.00%Producer, Processor, Retailer
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Rob Meagher

Rob Meagher

Rob Meagher, CBE’s Founder, President and Editor-in-Chief is a 30 year veteran of the media world. His career has spanned from stints representing the Washington Post, USA Weekend, Reader’s Digest, Financial World & Corporate Finance to the technology world where he worked at International Data Group and Ziff Davis where he was part of the launch team for The Web Magazine, Yahoo Internet Life, Smart Business and Expedia Travels before starting his own marketing and Publisher’s Representative Firm. He also ran all print and online media sales and marketing for the Society for Human Resource Management before partnering with Forbes and then Fortune to create Special Sections covering a variety of topics. Rob, who started CBE Press in 2014, can be contacted at [email protected].

This Post Has 3 Comments
  1. Rob you possibly didn’t know about Purple Heart Patient Center the longest operating , licensed , Medical Cannabis Dispensary in Oakland , CA. The revenue would place us in the top 25.

  2. Rob, You might want to check out Choice Organics Inc. a single store location, in northern Colorado but would be in your top 38 by yearly sales. As well they hold the very First State Marijuana License in the nation. As they were the first to get there state license in the state of Colorado who gave out the first state license in the industry. They are a medical/recreational dispensary and grow. Thanks for looking at them and hopefully putting them on your next list.

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