In a move that marks a development in the cannabis industry’s HR and staffing sector, Vangst, a cannabis industry hiring platform, last week announced its acquisition of CannabizTemp, the temporary staffing division of CannabizTeam. This acquisition, a mix of 50% cash and 50% stock, represents the first of its kind in the cannabis HR space.
Cannabis Staffing Solutions and Industry Growth
Founded by Karson Humiston, Vangst has been at the forefront of addressing the fluctuating labor needs of the cannabis industry. With the introduction of Vangst GIGS in 2018, an on-demand hiring platform, the company has successfully filled over 200,000 temporary positions across 19 states, per the press release.
This acquisition not only enhances Vangst’s capabilities but also significantly expands its customer base, bringing the total to more than 1,700 businesses. As a result, Vangst now boasts service coverage for 90% of the U.S.’s multi-state cannabis operators.
CannabizTemp, recognized as Vangst’s largest competitor, was a division of CannabizTeam, an executive search firm led by the internationally acclaimed recruiter, Liesl Bernard. Specializing exclusively in the cannabis industry, CannabizTeam has made a name for itself by placing high-caliber executives within the sector.
Following the acquisition, CannabizTeam will continue to focus on its executive search operations, while its temporary staffing division becomes part of Vangst’s broader service offerings. This partnership also allows Vangst customers access to CannabizTeam’s executive recruiters, thereby enhancing executive hiring solutions.
Celebration of Acquisition
The acquisition is celebrated by both parties as a strategic alliance that leverages their unique strengths, promoting growth and positive change within the cannabis industry. Liesl Bernard, CEO of CannabizTeam, expressed enthusiasm about the merger’s strategic benefits, highlighting the opportunity for both companies to concentrate on their areas of expertise.
“This marks a pivotal moment for both Vangst and CannabizTeam”, said Beranard. “It enables us to concentrate on our respective areas of expertise, setting a new industry standard for specialization, providing a comprehensive talent solution to the industry.”
The integration process of CannabizTemp customers into Vangst’s operations is set to begin immediately, with both teams dedicated to facilitating a smooth transition.
“CannabizTemp was hands down our largest competitor”, said Karson Humiston, Vangst Founder & CEO. “Liesl and her team built a phenomenal business with a strong and growing customer base, and we couldn’t be more excited to welcome the CannabizTemp customers into the Vangst Family”.
As the legal cannabis industry in the U.S. continues to experience rapid growth, the importance of specialized staffing solutions becomes increasingly evident. With more than 440,000 individuals currently employed in full-time cannabis-related jobs as the 2024 Vangst Job Report shows—a number expected to triple in the next five years—this acquisition comes at a crucial time, poised to address the evolving needs of the industry.
