- Lorenzo De Plano, 24; Eric Anwar, 25; Brendan McDermott, 29; Jomie Raymond, 28
Solace Technologies' first year of business was about what you'd expect from a startup--funds were tight and the company's founders, who didn't take a salary for 12 months, worked from a basement in an office building in downtown Los Angeles. But they stuck with it. The nicotine liquid manufacturer has grown mightily since then, reaching $3.7 million in 2017 revenue. And soon it will move into a 40,000-square-foot facility north of the city.
Amid stiff competition, in 2016, the company began producing a different formula of nicotine liquid, which is used inside vaporizers and e-cigarettes. Its new product, made with nicotine salt, is considered more satisfying for people addicted to nicotine, as it mimics the buzz of a cigarette. More and more distributors began carrying their products and Solace started making nicotine salt liquid for a couple of big tobacco companies. With the recent acquisition of its contract manufacturer, Solace estimates it will bring in $18.1 million in annual revenue by the end of 2018. --Will Yakowicz