The U.S. cannabis industry currently supports 440,445 full-time jobs, a 5% increase over last year.
DENVER , April 10, 2024 /PRNewswire/ — Vangst, the cannabis industry's leading job platform, today celebrated the release of its 2024 Employment Report. Completed in partnership with Whitney Economics, the 2024 Vangust Jobs Report examines each market's specific regulatory environment, investment environment, cannabis license data, and past performance to identify key changes within the legal cannabis industry. to determine the number of full-time equivalent employees (FTE). ) Work supported by the legal industry.
The second annual Vangst Jobs Report highlighted several positive trends within the legal cannabis industry, including job creation and sales growth. The legal cannabis industry added 22,952 new jobs in 2023, an increase of 5.4% from the previous year, bringing the total number of full-time equivalent jobs supported by the industry to 440,445. The increase in full-time equivalent jobs was supported by 28.8 billion worth of legal cannabis products sold in 2023, an increase of $2.7 billion from the previous year.
Key findings from the 2024 Vangst Jobs Report include:
Michigan and Missouri led the nation in cannabis job growth, each adding more than 10,000 jobs in 2023. New York and New Jersey continued their steady growth, adding 2,050 and 4,870 jobs, respectively. The earliest legal states, California, Colorado, Washington, and Oregon, experienced the greatest job losses. Ohio, New York, New Jersey, and Maryland will be the hottest job markets in 2024 and will require thousands of new jobs next year. Overall revenues are expected to grow modestly by 9% in 2024, with further expansion expected in 2025 as lower interest rates make investment and growth affordable again.
The legal cannabis industry is expected to continue its moderate growth in 2024. Overall revenue is expected to grow by 9% in 2024, with further expansion expected in 2025. Ohio, New York, New Jersey, and Maryland are also uniquely positioned to attract professionals. Thousands of new jobs will be needed next year.
“When we started Vangst, there were fewer than 50,000 full-time employees in the cannabis industry. In less than 10 years, there were 440,445 full-time employees in the cannabis industry; will continue to grow,” said Vangst founder Carson Humiston. & CEO. “I am extremely proud of the work our team has done in producing the industry's go-to report and examining employment by state. That’s not what we’re doing to the industry.”
The findings of the 2024 Vangst Jobs Report are essential to understanding the health of the U.S. legal cannabis industry. Federal prohibitions prevent federal and state labor departments from collecting data on the legal cannabis industry. Vangst and Whitney Economics are countering anti-cannabis restrictive measures by examining an industry that has proven to be the fastest growing business sector in the United States. For more information on the 2024 Vangst Jobs Report and industry direction, visit https://vangst.com/2024-jobs-report?utm_source=report&utm_medium=PR+&utm_campaign=jobs+report&utm_id=vangst-jobs-report .
About Vangust
Vangst is a cannabis industry employment platform for both job seekers looking to enter the industry and cannabis professionals looking to advance in the industry. Vangst helps cannabis companies find and attract the talent they need to grow their businesses. From on-demand gig workers to trained and qualified full-time employees, Vangst has built the industry's go-to marketplace for all cannabis employment. Vangst is proud to partner with over 1,500 leading companies in the cannabis industry. It helps you find candidates faster and streamline your hiring process.
Since raising a seed round in 2018, Vangst has become one of the fastest growing companies in the cannabis industry and has won numerous industry and business awards. Currently, 440,445 people have full-time jobs in the cannabis industry, and this number is expected to triple over the next five years. Vangst is on a mission to fill every job opening in the cannabis industry.
Vangst's headquarters are located in Denver, Colorado. Vangst is a Series B company backed by Lerrer Hippeau, Colle Capital, Level One Fund, Casa Verde Capital and others.
About Whitney Economics
Whitney Economics is a global leader in cannabis and hemp business consulting, data and economic research. The company regularly consults with private companies and local, state, and national government agencies to apply economic principles to develop workable policies and strategies.
Source Vangust
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