One of Australia’s fastest-growing healthtech companies, Cannatrek, is celebrating success after receiving two awards: one from the Australian Financial Review (AFR) and the other from Deloitte.
Deloitte recognised Cannatrek as one of Australia’s most successful technology innovators, ranking the company 6th on Deloitte’s Technology Fast 50 Australia Awards for 2022.
Now in its 22nd year, the Deloitte Technology Fast 50 Australia programme ranks the 50 fastest-growing technology companies in the country, with a minimum cumulative revenue of $8 million over a three-year period.
On the same day, AFR recognised Cannatrek for its remarkable rate of growth, ranking it 23rd on the Fast Starters 100 List for 2022.
The AFR Fast Starters 100 List recognises Australia’s fastest growing, young companies. To be a Fast Starter, a business must have started trading after 1 July 2017 and have had a turnover greater than $500,000 for the 2021–2022 financial year.
Founder and CEO Tommy Huppert says the company is honoured to be recognised for its tech innovation and its growth rate on the same day.
Huppert commented: “It is remarkable for us to receive this kind of recognition from outside our industry. We are thrilled to be recognised for our growth and to be counted as one of the country’s leading tech innovators. Two great achievements.”
Established in 2017, Cannatrek specialises in the research, cultivation, manufacture and delivery of plant-based medicine. Cannatrek has been profitable for 24 consecutive months since November 2020 and has achieved an impressive 2,990% literal growth in revenue (CAGR 456%) over the three financial years to 2022.
With the nascent industry just commercialising, Cannatrek is on track to continue its strong revenue growth in current and future financial years.
Huppert says Cannatrek’s unique, vertically integrated business model enables self-sufficiency across all parts of the supply chain, from cultivation to research to digital healthcare.
“Legislative approval for medicinal cannabis was only gained in 2016. Since then, the market has been expanding to meet increasing demand,” he said.
“We continually develop our tech capabilities to service a rapidly growing market. We use a blend of AI technology, telehealth, script management, digitally managed therapeutics and supply chains to service our ecosystem of suppliers, doctors, pharmacists and patients.
“We have just built a unique digital platform, myeden, to bring plant-based healthcare to the community. This health tech tool is designed to improve Australians’ quality of life by integrating plant-based medicine with existing therapeutic frameworks.”
Huppert says, as Cannatrek grows, it remains invested in its people and the mission of providing affordable healthcare: “From building the strength and expertise of our leadership team to creating grassroots jobs in our new growing facilities in regional Australia, Cannatrek is adopting best practice across our entire supply chain.”