The U.S. cannabis industry is on the brink of a significant hiring wave in 2024, spurred by a 12% increase in legal sales in 2023, reaching $29 billion. This growth, alongside potential federal reclassification of cannabis, is expected to create up to 100,000 new jobs, particularly in the retail sector, where 93% of companies plan to expand their workforce. The Vangst 2024 Cannabis Salary Guide highlights an industry ready to bounce back from previous economic stagnation, with a strong emphasis on experience, adaptability, and cultural fit in prospective employees.
The cannabis sector is poised for a massive expansion in employment opportunities in 2024, following a year of economic challenges and layoffs. This optimistic forecast comes from Vangst’s latest industry salary guide, which anticipates a hiring boom driven by increased legal cannabis sales and the potential for federal rescheduling. The anticipated move to reclassify cannabis to Schedule III could significantly reduce tax burdens, increase company valuations, and attract more investors, according to Viridian Capital Advisors.
Retail cannabis companies are at the forefront of this hiring surge, with nearly all surveyed indicating plans to bolster their teams in response to growing demand and market expansion. The focus is not just on filling positions but on finding candidates who can navigate the evolving legal and market landscape, prioritize cultural fit, and possess strong communication skills over traditional qualifications.
Salaries in the cannabis industry have also seen an uptick, with top-end wages growing by 4.7%, outpacing the national non-cannabis average. However, the sector still trails behind others in offering comprehensive benefits packages, a gap that affects employee satisfaction and retention. The demand for health insurance and better work-life balance is clear among job seekers in the cannabis space.
Diversity and inclusion are gaining traction within cannabis company hiring practices, with a significant portion of companies implementing strategies to create a more inclusive workforce. The industry’s employment of veterans and individuals with disabilities highlights its diverse nature, but there remains room for improvement.
Why It Matters: This hiring wave marks a pivotal moment for the cannabis industry, signaling a shift towards recovery and growth after a period of stagnation. It underscores the industry’s resilience and its potential to contribute significantly to the economy through job creation and increased sales.
Potential Implications: The anticipated hiring boom in the cannabis industry could lead to wider acceptance and normalization of cannabis use, further influencing policy changes and societal attitudes. Additionally, the focus on diversity and inclusion could set a precedent for other sectors, promoting a more inclusive workforce across industries.
Denver’s first cannabis spa is almost ready to start serving locals R&R – as in reefer and relaxation.
When it opens on Sept. 14, Pure Elevations Canna-Spa & Salon (185 S. Santa Fe Drive) will be among the city’s first public consumption spaces, where guests who book a massage or pedicure will be able to smoke weed onsite before or after their appointment. The business will sell marijuana products from a small dispensary counter in its salon for guests to consume on the outdoor patio, and it will also integrate topicals into its services and treatments. That means THC- and CBD-infused massages for anyone who wants to get extra chill.
Owner Rebecca Marroquin’s unique concept was inspired by her own experience using cannabis lotions to help with pain. In 2011, Marroquin was preparing to finish school and become a massage therapist when she was involved in a car crash that broke her neck. Four months of using infused topicals had her back on track to graduate.
Mike Tyson is releasing a new cannabis product exclusively for Colorado consumers, and the reason why might come as a surprise.
Mike’s Knockout Gummies, launched Aug. 20, are THC-infused edibles shaped like little boxing gloves. They’re the first gummies the boxer has been able to sell here even if he’s had others available throughout the U.S.
In 2022, Tyson released his first line of edibles, Mike Bites, featuring gummies shaped like ears with a missing piece of cartilage at the top – a nod to Tyson’s infamous 1997 fight against Evander Holyfield. Clever, right? Well, not according to state law.