Inc. Magazine has selected Van Nuys cannabis testing laboratory CannaSafe as a top 15 firm on its 2020 Inc. 5000 list, an annual compilation of the nation’s fastest-growing private companies.
CannaSafe, founded in 2011, provides compliance and research and development testing for developers and distributors of cannabis products. Its services include testing for concentration of THC and other cannabinoids, pesticides, heavy metals and cutting agents.
The company did not disclose its exact financial performance but reported a more than 12,000 percent increase in revenue in the last three years, earning it the No. 13 spot on the Inc. 5000 list and made it the top-ranking company in the Valley area.
Chief Executive Aaron Riley said in a statement that to be recognized near the top of the list in the company’s first year as an applicant “underscores the fact that we're executing at the highest level possible."
“It’s been a tremendous journey of growth right alongside the cannabis industry we serve. We’re so proud of our team, their commitment to rigor, excellence and consumer safety. Those are the things that motivate us every day,” he added.
Also included on the Inc. 5000 list is Outer Aisle, a manufacturer of cauliflower-based bread substitutes in Ventura. With $11 million in 2019 revenue and a three-year growth rate of more than 5,000 percent, the company is ranked No. 63.
Other San Fernando Valley entries include Bluemark, a Valencia shipping and logistics company that specializes in onboarding materials, at No. 136; Artkive, a bookprinting operation in Van Nuys, at No. 272; and PaymentCloud, an e-commerce company in Sherman Oaks, at No. 295.