The U.S. job market has had its wave of highs and lows lately, though, in the rapidly growing U.S. marijuana industry, these are apparently high times on the employment front. A growing number of Americans are finding employment within a multibillion-dollar industry that has been legally permitted- in just a handful of states – for less than a decade.
The trade publication based its findings on two crucial data points that collected through its annual survey of industry professionals: the estimated number of businesses that operate exclusively or largely in the marijuana industry, and the average number of employees in each segment of the cannabis sector.
Fueling the explosive employment growth has been a surge in the number and size of firms that either deal directly with cannabis and “Ancillary companies” that serve them, such as cultivation-lighting businesses, vaporizer manufacturers, and professional services firms.
The industry currently bringing in an estimated $3 billion-plus in yearly sales, and it’s forecast to only grow as more states legalize pot and more investment capital flows into the business.
This fall, voters in over a half a dozen states – as well as California, the country’s most-populous state – will make their selection on ballot measures that would legalize marijuana for medical or recreational purposes.
The employment data “Shows that this industry is becoming an economic engine for the country,” said Chris Walsh, editorial director of Marijuana Business Daily.
The marijuana sector still has a heavy volume of seasonal workers, particularly on the cultivating side.
The proliferation of marijuana shops has created demand for store managers and so-called budtenders, the cannabis industry’s version to the barista.
Lawyers, software engineers, accountants, geneticists and many others people with various types of advanced degrees currently work in the cannabis industry or for firms serving marijuana-related businesses.
“The industry is going through an extraordinary period of advancement in sophistication. Cannabis has been widely consumed in the U.S. for decades, but the industry has not benefited from many of the technological and business-process advancements that have happened in virtually every other industry,” stated John Kagia, executive vice president of industry analytics for New Frontier, which focuses on investigative research and analytics for the cannabis industry.
“A lot of companies are starting to look for people with industry experience, and that doesn’t include having grown it at home or having sold it from your basement,” quipped Walsh.
The marijuana business is one of the most highly regulated sectors in the country, and the rules that dictate the way things operate can vary from state to state and continue to evolve.
Just like, Colorado, who require employees to be licensed, which means they must meet a certain amount of requirements, such as passing criminal background checks and being current on taxes, child support and student loan debt.
“Marijuana is now, for the most part, mainstream acceptable and with that the talent pool has followed suit,” stated Tripp Keber, founder and chief executive officer of Dixie Brands.
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