KEY TAKEAWAYS: Crescent Canna ranked No. 407 on the 2026 Inc. 5000 after reporting 858% revenue growth over three years, making it the highest-ranked Greater New Orleans company on the list. Federal restrictions set to take effect Nov. 12 would impose a 0.4-milligram-per-container THC threshol d that could eliminate many hemp-derived THC products from the federally legal market. Regulatory uncertainty has already prompted Crescent Canna to lay off nearly 20 salespeople and caused major retailers to delay potential deals. Crescent 9 has sold nearly 20 million cans since its 2023 launch, including more than 5.5 million in Louisiana.   Crescent Canna should be celebrating. The New Orleans-based hemp-derived THC beverage and edibles business debuted at No. 407 on the 2026 Inc. 5000 – making it the highest-ranked Greater New Orleans-area company on the national list of fastest-growing private businesses. Crescent Canna reported 858% revenue growth over the past three years, growing from a New Orleans startup launched in 2019 into a national brand with annual revenue “well into the eight-figure range,” CEO Joe Gerrity said. The company’s products are distributed across 20 states through more than 48 retail chains, including mainstream grocery, liquor, and convenience stores, and are sold directly to consumers online where allowed. But the rapid success comes at a complicated moment for Crescent Canna. The city’s fastest-growing company is now facing a federal regulatory deadline that could potentially derail major portions of the hemp-derived THC beverage industry. Federal restrictions scheduled to take effect Nov. 12 would exclude from the federal definition of hemp final hemp-derived cannabinoid products containing more than 0.4 milligrams per container of total THC and other cannabinoids with similar effects. The threshold would eliminate many intoxicating hemp products from the federally legal hemp market, including low-dose drinks such as Crescent Canna’s top-selling Crescent 9 THC Seltzer. NEW ORLEANS, LOUISIANA – OCTOBER 18: Crescent 9 THC products are seen at NOLA Funk Fest on October 18, 2025 in New Orleans, Louisiana. (Photo by Erika Goldring) Crescent 9 is sold in versions containing 5 to 50 milligrams of THC per can, with availability varying by state. Louisiana currently limits hemp beverages to 5 milligrams of THC per serving, with no more than one serving per container, making its potency limit more restrictive than those in some other states. “There are tens of millions of Americans consuming these products and hundreds of thousands of jobs tied to them,” Gerrity said. “If these products suddenly become illegal, you’re not just hurting one company — you’re hurting employees, landlords, distributors, vendors, farmers, packaging companies, and customers across the nation.” The restrictions stem from language that U.S. Sen. Mitch McConnell helped secure in a federal appropriations package in late 2025 to close what he described as a loophole in the 2018 Farm Bill that allowed intoxicating hemp-derived THC products to be manufactured and sold nationwide. The rule is scheduled to take effect Nov. 12, though Congress is still debating whether to delay or revise it. The uncertainty has already affected Crescent Canna’s business, Gerrity said, forcing the company to lay off nearly 20 salespeople earlier this year and causing major retailers and prospective partners to delay new contracts until the federal picture becomes clearer. “The uncertainty has already impacted our business and the lives of our employees, and that’s extremely disappointing,” said Gerrity, who also serves as president of the Louisiana Hemp Beverage Coalition and sits on the board of the U.S. Hemp Roundtable. “I’d love to say that we’re going to keep growing at this rate, and I think once we get federal clarity, we will. But right now, we’re not able to invest in growth the way that we were before.” Retailers waiting for clarity The federal restrictions were enacted as part of a broader appropriations package in 2025, during negotiations over government funding. Gerrity said the hemp provision was inserted without the type of committee process or public debate that should accompany a major change affecting an entire industry. “It never came before a subcommittee or any kind of committee. It was put into a much larger bill, and people who otherwise support hemp still voted for it because the bill did so many other things, like end a government shutdown,” Gerrity said. Gerrity said Crescent Canna saw a short-term surge in online sales immediately after news of the pending federal restrictions spread, as some customers rushed to buy products. But that initial bump did not last. The larger impact has been on expansion. He said major retailers that had been considering adding hemp-derived THC beverages have paused conversations until there is more federal clarity. One Texas gas station chain with hundreds of locations had already negotiated pricing, terms, and point-of-sale materials before backing away, he said. Other large retailers have also remained on the sidelines. “What it has done is stopped major retailers from moving forward with planned expansion or adding new products into their portfolios,” Gerrity said. “We had deals where the terms were negotiated and the materials were ready, and then they said they were not moving into this category until there is federal clarity. That is economic opportunity, growth, and expansion that have disappeared because of politics.” Gerrity said he understands concerns about high-potency products, synthetic cannabinoids, child-friendly packaging, and intoxicating products sold without uniform safeguards. But he argues that Louisiana has already shown how hemp beverages can be regulated without banning the category. Louisiana hemp beverages are capped at 5 milligrams of THC per serving. Products must go through state registration, testing, and permitting, and companies must comply with age restrictions and packaging rules. Gerrity said Crescent Canna supports a federal structure that mirrors many of those requirements. “We adhere to the many sets of state frameworks that exist right now,” Gerrity said. “We test our products more than almost anything else you’ll find in a grocery store. We don’t market to children. We only sell to adults 21 and older. We supported state laws that require registration, testing, and enforcement.” The distinction, Gerrity said, is important because the hemp industry is not monolithic. Companies selling low-dose beverages through regulated retail channels are not the same as companies shipping high-potency flower or inhalable products directly to consumers. “There is a difference between low-dose beverages sold through regulated channels and other products that politicians were never going to be comfortable with,” Gerrity said. “We have always believed the end result should be low-potency beverages distributed in a way that looks more like alcohol and beer.” How Crescent Canna could pivot For Crescent Canna, the path forward depends on what Congress does next. A strict 0.4-milligram-per-container standard would be a severe blow to the industry. But Gerrity said there are ongoing negotiations around a more workable federal framework, including proposals that would allow lower-dose THC beverages under national rules. One possible compromise, he said, would be a 5-milligram cap for beverages, along with limits for gummies and other ingestible products. If that happens, Crescent Canna would be better positioned than many companies, because Louisiana already operates under a 5-milligram beverage cap. “In Louisiana, if we wind up with a 5-milligram cap, nothing changes,” Gerrity said. “The law here would be the same. It could actually help us because some of the bigger grocers that have stayed out of the category may get into it, and more people would have access to our products.” Outside Louisiana, the impact would be more complicated. Many states allow 10-milligram beverages, and Crescent Canna sells higher-potency products in some markets. But Gerrity said clear federal rules could still create a larger long-term opportunity if national retailers become comfortable entering the category. “Having clear federal rules allowing at least 5-milligram beverages would rapidly expand the category,” Gerrity said. “We would be primed to take advantage of that.” Even if the ultimate result is a workable federal framework, Gerrity said the uncertainty has made it difficult to plan. “It’s hard to operate a business when you don’t have any answers,” Gerrity said. “It’s not just us. Farmers have to plan ahead. Packaging companies, manufacturers, distributors, and retailers all have to plan ahead. You can’t build a business around uncertainty.” Built and grown in the Crescent City The uncertainty comes as Crescent Canna is posting the kind of growth many local startups spend years trying to reach, and that growth story is rooted in New Orleans. Crescent Canna grew out of earlier ventures by Tulane alumni Sean Partridge (’13), David Reich (’07), and Gerrity (’08). The group first launched Crescent City Vape in 2014, later added Simply CBD as a Magazine Street pop-up in 2018, and expanded that concept before formally launching Crescent Canna in 2019. Crescent Canna began in an 800-square-foot Uptown New Orleans location and now occupies about 4,500 square feet of office space and 3,500 square feet of warehouse space at 2728 Magazine Street. “Most of our partners have families here, we live here, we have other businesses here, and this is where we call home,” Gerrity said. “New Orleans matters to us, and it matters that Crescent Canna is based here.” The growth has been driven largely by Crescent 9, Crescent Canna’s hemp-derived THC beverage brand launched during Mardi Gras 2023. Nearly 20 million cans have been sold to date, including 10 million in 2025. In Louisiana, the company has sold more than 5.5 million cans, including more than 2 million in 2025, and the product generates an estimated $7 million in annual retail sales within the state. The company originally started with CBD products – tinctures, vape cartridges, topicals, CBD isolate powder, and hemp flower – but Gerrity said Crescent Canna has since cut most of its CBD line to focus on THC beverages. “That has been the biggest driver of growth for us,” Gerrity said. “We had a very hard time keeping up with demand for quite a while, and it’s only recently that we’ve been able to produce enough to not have product shortfalls in the market.” The popularity of the drinks, Gerrity said, reflects a broader shift in how many consumers want to use cannabis. “When you offer someone an alternative intoxicant to alcohol that is delivered in a very precise way, in a good-looking package that tastes good, you open up the category quite a bit,” Gerrity said. “A lot of our customers will have a THC beverage at a bar, at a festival, or at home, and it’s a convenient way to consume cannabis.” Even with the federal headwinds, Gerrity said Crescent Canna’s growth validates the business model and shows that New Orleans and Louisiana can be part of a national consumer-products category. “We have a really good team, we make really good products, and we offer them at a good price,” Gerrity said. “We took it seriously from the beginning, and we held ourselves to a high standard. A business like this could not have existed 10 years ago, and now it’s one of the fastest-growing companies in the city and the state. This is where we want to be.” But whether it can continue on that path depends on whether federal lawmakers create a legal framework that allows hemp-derived THC beverages to survive. “With the right federal legislation, I think we can become a nationally recognized company that represents New Orleans and Louisiana in the best possible way,” Gerrity said. ...read more read less