BY SOPHIE RODGERS
As Chicago businesses recover from the economic turmoil of COVID-19, Crain’s recognizes 50 local companies that still managed to generate impressive revenue growth since 2016. The businesses in Crain’s 2022 Fast 50 saw a median increase in revenue of 592.8% over the past five years, and an average increase of 13,310.5%, driven by enormous growers topping our list. Cannabis, logistics and financial services companies lead the way on our latest ranking—which includes 21 newcomers not featured in last year’s edition.
Consumers found a way to relax in 2021—legally! With a total of $1.38 billion in Illinois adult-use cannabis sales last year (a 106.1% increase from 2020), it should come as no surprise that Chicago’s largest cannabis companies rank high on our list. Cresco Labs, Verano, Green Thumb Industries and PharmaCann all made the top 10 after seeing meteoric growth over the past five years. Of these firms, only Green Thumb was featured in last year’s Fast 50.
Combined, these four businesses generated $2.7 billion in 2021, making up 17.7% of the full list’s 2021 revenue. Growth for these companies is attributable to Illinois’ legalization of recreational cannabis use in 2019 (with retail sales beginning Jan. 1, 2020), as well as expansion into other states.
Meanwhile, Chicago’s logistics firms and employees responded with agility to the relentless changes and challenges in the wake of COVID, a theme underscored in Crain’s 2022 Largest Privately Held Companies list. With seven logistics companies making Crain’s 2022 Fast 50, Nortia Logistics, AIT Worldwide Logistics and DeSpir Logistics are new to the annual ranking.
Nortia reported explosive growth after transitioning from consulting to asset-based operations in the fourth quarter of 2019. AIT Worldwide’s revenue increase is attributable to success in executing the company’s strategic plan, which outlines both organic expansion and growth by acquisition. DeSpir explained its growth in Crain’s Fast 50 application, saying “the growth in the pharmaceutical sector and COVID vaccine has brought to light the extra care, quality management and security needed in transporting these products.” Combined, these three newcomers generated $2.2 billion in 2021.
Chicago’s financial services companies make up a large chunk of change in this edition of the Fast 50. Combined revenue of these nine organizations was $4.8 billion in 2021, or 31.3% of the list’s total 2021 revenue. In this group of companies, four were not in last year’s Fast 50: Supernova Technology, Arete Wealth, Guaranteed Rate and Hightower Advisors.
In general, these four companies reported revenue increases through organic growth, acquisitions, expansions and strategic investments. Supernova Technology told Crain’s that prior to 2018, the company was creating “custom built securities-based lending platforms for each of our clients, which was labor and time intensive.” After Tao Huang joined as CEO, he worked with the product team to create a core product to meet all customers’ needs, which contributed to the company’s fast growth.
Read on for our full ranking of Chicago’s 50 fastest-growing companies. To learn more about this year’s top five businesses and their success, read Crain’s exclusive company profiles.
Missed your chance to apply for Crain’s 2022 Fast 50? To ensure your company submits on time next year, contact Sophie Rodgers.
Read More: Crain’s Fast 50 2022: Chicago’s fastest-growing companies