How The Increasing Size of The Cannabis Industry Can Benefit Pot Stocks
As of the beginning of 2020, reports showed that the cannabis industry in the U.S. had as many as 250,000 employees. This is major news for marijuana stocks and the cannabis industry as a whole. The data for industry growth is also quite impressive, with a 15% year over year increase in the past year alone. Because of the Covid pandemic, many industries outside of cannabis have been adversely affected. But, during that time, cannabis businesses and marijuana stocks at large have managed to grow. This is due to the increasing demand for marijuana that we have seen during that time period.
This increasing demand has meant that cannabis companies need more employees to help run their businesses. In addition, at the retail level, we continue to see a large number of hirings go on around the nation where cannabis is legal. Of course, no one can predict just how long this will last, but for now, things are looking good. In the U.S., many leading MSO pot stocks like Green Thumb Industries Inc. (OTC:GTBIF) and Trulieve Cannabis Corp. (OTC:TCNNF), are leading in the in-person hiring market. But, there are a large number of tech and non-in person jobs also waiting to be filled.
How This Could Benefit Marijuana Stocks
A new online study showed that in the past twelve months, there have been more than 30,000 jobs added to the U.S. cannabis industry. This without a doubt, makes cannabis the fastest-growing hiring industry in the nation. The states that have led the job increase are some of the newest cannabis industries in the country. This makes sense given that they have to start at the bottom in regard to hiring employees. While Massachusetts as a cannabis industry is only a year old, it added around 10,000 jobs in the past twelve months.
This is great news for the marijuana stocks that are based out of these locations. Some marijuana stocks like Cresco Labs Inc. (OTC:CRLBF) are working to capitalize on these new industries by building out large operations domestically. One of the fastest growing job markets in the U.S. cannabis industry is in Florida. At the end of last year, Florida had as many as 300,000 medicinal marijuana patients, all registered in the state. With this, we can begin to see the strong need for new jobs within the state.
What The Cannabis Industry Will Look Like in the Next Few Years
As of 2020, things are still looking quite good for growth among marijuana stocks and the cannabis industry. Major marijuana stocks like Canopy Growth Corp. (NYSE:CGC) and its partner Constellation Brands Inc. (NYSE:STZ), have already shown a great deal of growth from the increasing size of the cannabis industry. One of the only impediments to the growing cannabis industry is legislation.
In order to see more jobs in the industry, new laws need to go into place at the federal level. This would without a doubt be the largest game changer for the cannabis industry moving forward. And although things are moving quickly, it may take some time before we see any major changes go into place. For now, the next few years continue to look filled with new cannabis hirings. Investors should look at both new states and states that have very established cannabis industries to find investment potential there.
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