This year’s list is particularly noteworthy, as it highlights an increased presence of female and diverse founders, CEOs and top executives. “You will also see [that] in this year’s “Cannabis 50” there are many more entertainers and musicians. In previous years, we saw many more pro athletes, but it seems mainstream cultural icons are really entering the industry,” explained Lorna Donohoe, director of partnerships and influence at MGO.
Scott Hammon, head of MGO’s cannabis practice, added, “Although the cannabis industry faced challenges due to limited access to capital as well as a supply and demand imbalance in certain markets in 2022, the sector continued to make progress. With Federal legislation allowing for expanded research, Federal pardons increasing the odds of widespread and more impactful state expungement action, and an overwhelming majority of Americans believing cannabis should be legal, we are seeing greater cultural acceptance and expansion of the industry.”
And he added, “While it’s a work in progress, there is no doubt that despite the near-term presenting many of the challenges the industry has confronted since its inception, the long-term outlook remains bright as it continues to integrate itself into the fabric of American business and society.”
MGO’s Cannabis 50 Honorees
Doing Well
Entrepreneurs and organizations are expanding their financial, operational and environmental horizons.
“We pride ourselves on our minority-led executive team and have worked to create an inclusive and diverse workforce with our team in California and India. For our customers, we have and will continue to support small retail dispensaries and social equity retailers on their path to profitability through the use of data and our 24-hour support team,” said John Yang, CEO of Treez, one of the honorees.
• Agrify Corp
• Charlotte’s Web Holdings, Inc.
• Garden Society
• Jane Technologies, Inc.
• Jeeter A DreamFields Brand
• Jones Soda Co.
• TerrAscend Corp.
• Tilray Brands, Inc.
• Treez
• Würk
Doing Good
Nonprofits, activists, and others undoing social harms, advocating through reform, supporting sustainability, and providing equitable opportunity.
“In the U.S., those most affected by the lack of representation are the ones driving diversity and social justice in the cannabis industry. Though cannabis is not for the faint of heart, BIPOC entrepreneurs are still entering the industry — especially in newly legal states — and social equity is at the core of their business model; they advocate for policies not only to help their business grow, but to address the impact of the war on drugs in marginalized communities,” said Mary Pryor, co-founder of Cannaclusive.
• Cannaclusive
• Christine De La Rosa
• Congressional Cannabis Caucus
• Exonerations and Pardons
• Freedom Grams
• Housing Works
• Viola Cares
• Wana Brands Foundation
• Weed Like Change
• Weldon Angelos
Money Talks
Investors, banks, and others opening the avenues of capital fueling an emerging industry.
“When viewing the cannabis industry, people have a tendency to get too wrapped up in stock prices, and myopically equate stock performance to the health of the sector. In reality, however, in such a nascent sector, stock valuation is a poor barometer of overall industry health. There are tremendous tailwinds and opportunities in this industry, with revenue reaching $27B in 2022 and sales in 2023 projected to exceed $30B,” Rob Sechrist, president of Pelorus Equity Group.
• AFC Gamma
• Alternative Financing
• Btomorrow Ventures Limited
• Canopy Growth Corporation
• Cresco Labs, Inc.
• Foley Hoag LLP
• Green Check Verified
• Greenspoon Marder LLP
• Pelorus Equity Group
• Valley National Bank
Knowledge is Power
Researchers, educators, and others are raising awareness and sharing the benefits of cannabis.
“Eliminating product recalls throughout the industry should be a major push for manufacturers and growers. Recalls damage consumer confidence in products quickly, especially in unregulated markets like cannabis. If companies take the proper safety precautions and avoid committing food fraud by ensuring that their product test results match their product labels, this would be a good start,” said Tyler Williams, founder and CTO of Cannabis Safety and Quality.
• Cannabis Safety and Quality
• Gowling WLG
• Headcount’s Cannabis Voter Project
• PAX Labs, Inc.
• Purissima, Inc.
• Research Breakthroughs
• Rutgers University Law School
• Vangst
• Whitney Economics
All the Lights
Athletes, entertainers, and influencers mainstreaming cannabis culture and giving back to the community.
“The cannabis industry is a community that is unique to any other type of industry where competitors can become partners and friends. Everyone is focused on one central mission, promoting the benefits of plant-based medicine,” said Mike Tyson, co-founder and chief brand officer of Tyson 2.0.
