Year by year, the cannabis industry consistently surpasses growth predictions, transitioning from a specialized market to a significant economic contributor. Vangst is actively involved in this expanding sector, providing a platform that connects enthusiasts and professionals with a dynamic job market.
Their recent 2024 Vangst Jobs Report, created with Whitney Economics, highlights the industry’s growth, revealing the creation of numerous new jobs and the significant potential of an industry gradually gaining wider recognition.
Cannabis Jobs on the Rise
The 2024 Vangst Jobs Report is a celebratory testament to the industry’s resilience and perseverance, painting an impressive picture of job growth. In 2023 alone, the legal cannabis market boasted an increase, with 22,952 new jobs joining the fold.
This leap signifies a 5.4% increase compared to last year. It raises the total number of full-time equivalent jobs supported by the industry to an impressive 440,445. Showing that the cannabis industry is witnessing steady growth.
This growth is underscored by solid sales increases. Legal cannabis products achieved a remarkable $28.8 billion in 2023. This is a promising increase of $2.7 billion from the previous year.
Trends that Define the Industry Landscape
The findings of the Vangst Jobs Report also unravel several noteworthy trends that are shaping the cannabis industry. Notably, states like Michigan and Missouri have emerged as trailblazers, leading the nation in cannabis job creation, each adding more than 10,000 jobs in 2023.
Meanwhile, the job-rich markets of New York and New Jersey continue to chart a steady growth path. There is a positive and encouraging upward trend. The analysis also reveals that established legal states like California, Colorado, Washington, and Oregon have experienced a downturn. This downturn concerns job losses, highlighting the unpredictable ebb and flow of the cannabis industry.
For instance, the report provides insight into California’s loss of jobs. “California’s struggles with high taxes and unlicensed sales led to decreased sales and the loss of nearly 5,000 jobs.”
Hot Job Markets for 2024
The cannabis industry’s landscape is rich with opportunities for job seekers. Distinct geographies are emerging as the ‘hot job markets’ for 2024. Ohio, New York, New Jersey, and Maryland are at the forefront, per the report. They are primed to absorb thousands of new hires that the industry demands.
These states are not only anticipating strong job growth but are also contributing notably to increasing revenue, holding the potential to strengthen their roles as key centers on the East Coast in the cannabis industry in the future.
These states are not only anticipating strong job growth but are also contributing notably to increasing revenue. They hold the potential to strengthen their roles as key centers on the East Coast. In the future, they could become significant players in the cannabis industry.
Projected Growth and the Anticipation of 2025
The forecast for the legal cannabis industry in 2024 remains optimistic. The steady growth witnessed is expected to continue, with an anticipated 9% revenue uptick, setting the stage for an even more expansive 2025.
Factors such as improved investment climates, changing regulatory environments, and a gradual reduction in cannabis use stigma have significantly driven the industry’s growth.
One of the major challenges in the cannabis industry is the absence of federal labor data tracking. This makes reports from Vangst and Whitney Economics crucial, as they provide key insights in the absence of comprehensive official statistics.
“When we started Vangst, there were less than 50,000 full-time employees in the cannabis industry. Less than a decade later, there are 440,445 full-time employees in cannabis, a number that will continue growing,” said Karson Humiston, Vangst Founder & CEO in a press release about the report. “I am very proud of the work our team does to create the industry’s go-to-report, to examine jobs per state, something that the federal government does not do for our industry.”
Overall, the cannabis industry, much like any other thriving sector, has experienced its fair share of ebbs and flows. Despite the various challenges, including regulatory hurdles and market fluctuations, the industry’s trajectory remains decidedly upward.
With more states joining the ‘green rush’ and legalizing cannabis, there’s an undeniable momentum building. This expansion is not just about the numbers—it’s about the normalization and acceptance of cannabis in mainstream culture and the economy.
The steady increase in job creation and revenue signals a bright future for the industry. As more regions recognize the economic and medicinal benefits of cannabis, the industry is poised for even more significant growth.
The wave of legalization and acceptance we’re seeing today is just the beginning. Setting the stage for a robust and resilient cannabis sector in the years to come.
This article offers a brief glimpse into the insights and findings from the 2024 Vangst Jobs Report on the cannabis industry’s growth and job creation momentum. For an in-depth exploration of the emerging trends, comprehensive statistics, and detailed analyses, you can access the full report here.
