Cannatrek has secured second place on the Australian Financial Review's Fast 100 List 2023, off the back of a year in which it doubled revenue to nearly A$90 million.
CEO and founder Tommy Huppert told the AFR the firm was "committed to making plant-based medicines affordable and accessible for all".
He said Cannatrek has seen "rapid growth" in revenue, profit and patient numbers with "more than two years of consecutive monthly profits".
The AFR noted that the company, which counts around 900 shareholders and 130 employees, is "deliberately setting itself up to be ready for strong growth, ensuring there is substantial capacity in the group's infrastructure to tap into the upside as demand keeps rising".
The publication also reported that approximately 50,000 people have used Cannatrek products to date.
Separately, Melbourne-based start-up Nectar Brands has claimed eighth position on the Fast Starters List.
The company's portfolio spans the medicinal cannabis telehealth platform Polln, the Cultiva product range, and online clinic Hazel, which focuses on female pain.
Co-founded by Chris Nasr and Grace Tan in 2020, the business now employs more than 20 staff and posted revenue of $11.5m in FY23.
Tan told the AFR the pair "saw the need to bridge the gap between conventional healthcare and holistic, evidence-based natural medicine". She added the firm was "on a mission to close the gender pain gap".
Other medicinal cannabis companies to feature on the Fast Starters List included Perth-based MediCann Health, which grew revenue by 175% to just over $3m between FY20 and FY23, finishing 71st; and Vitura Health, whose revenue climbed from $21.7m in FY21 to nearly $120m last year, placing 91st despite recording the second highest revenue on the entire list.
The Fast 100 List is reserved for the fastest-growing large, established companies. Eligibility requires minimum revenue of $5m in FY23, revenue above $0 in FY21, and a trading start date before July 1, 2018.
The Fast Starters List covers the fastest-growing younger companies. Eligibility requires minimum revenue of $500k in FY23, revenue above $0 in FY21, and a trading start date after July 1, 2018.
Vitura (formerly Cronos Australia) merged with CDA Health in 2021, which is why it appears on the Fast Starters List rather than the Fast 100.
