The Economic Impact of Cannabis: A Growth Engine for Local Economies

The rapid expansion of the cannabis industry is reshaping local economies, injecting over $100 billion into the US economy in 2023, with a projected 12.5% growth in 2024. This significant impact is supported by companies like Seed Connect, a US-based cannabis seed bank.

Beyond direct sales, the broader economic ripple effect benefits various sectors, enhancing both community development and financial prosperity. The contribution of cannabis to local economies extends beyond mere financial injections.

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For every $10 spent on cannabis products, an additional $18 flows back into the economy, driving economic activity that supports small businesses, creates jobs, and generates substantial tax revenue.  This multiplier effect underscores cannabis as a robust driver of local economic growth.

States like California, Colorado, and Washington have seen cannabis tax revenues surpass those from alcohol, highlighting the industry’s potential as a significant fiscal contributor.

The ongoing legalization and increasing acceptance of cannabis across the U.S. promise to amplify these economic benefits. Furthermore, the cannabis sector has become a critical employment hub, supporting over 400,000 full-time jobs nationwide.  This number is expected to rise as the market expands, illustrating the industry’s role in fostering a diverse range of job opportunities across retail, cultivation, and beyond.

The economic dynamics of the cannabis industry also include enhancing public health outcomes.

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Many localities utilize cannabis tax revenues to fund public services such as education and healthcare, directly benefiting community welfare.

Moreover, the industry’s growth encourages sustainable agricultural practices and technological innovations that further enhance its economic and environmental impact.

Considering these factors, the economic influence of cannabis not only represents a compelling narrative for States contemplating or already benefiting from legalization but also positions the industry as a pivotal element in future economic planning.

Investors, policymakers, and community leaders are increasingly recognizing the potential for sustained economic benefits, making cannabis a crucial area of interest in economic development discussions.

As the cannabis industry continues to evolve, its capacity to contribute to economic stability and growth becomes ever more apparent, ensuring a dynamic and resilient future for local economies.

The cannabis industry has had a rough couple of years, but things are looking brighter.  The one constant positive is consumer demand has continuously increased. You know it is good when Missouri has over $1 billion in sales last year. And, despite the struggles, the industry continues to grow.  In fact, surpassing other job reports, the cannabis industry grew 5%. Around 440,000 work in market as of today.  It is a clear indicator legal cannabis is here to stay.

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While 440,000 is a big number – how big is it in relation to other industries?  BDSA, an analytical firm who covers cannabis, reported the industry made $29.5 billion in the legal market. It would have been over $30 billion if not for the chaos and huge illicit market in New York.  Like most industries, the weed one includes dispensaries, manufactures, some ancillary services, farmers and management.  It is also a very small sliver of greater farming community. America’s farm families represent two percent of the population and help feed the other 98%.

Subway Sandwiches with a revenue of 16.5 billion employees roughly 410,000 including the franchises.

Grocer Kroger employs 430,000 in 36 states in 2,700 locations with sales of $150,000.

Target has 440,000 in their US retail stores with sales of $107 billion.

Starbucks and their famed coffee have 381,000 brewing almost $36 billion in sales at 16,449 locations.

Dentists, clocking in at half the number at 202,000, but if you fold in everyone in the industry including dental hygienists, they have 1,140,861 people employed in the US dental industry as of 2023.

CocaCola’s total number of employees in 2022 was 82,500. This helps drive the juggernaut of beverages with more than 1.9 billion servings of drinks sold in more than 200 countries each day.

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The US alcohol industry supports around 4 million jobs, including employment in production, distribution, sales, bartenders and other related services.  They help drive the drinks market of $183.5 billion last year.

Constellation, the alcohol company invested in cannabis has approximately 10,000 employees and Diageo has 3,100 people across North America.

Tobacco manufacturing in 2021 had 16,767 people and generated $886.09 billion in 2023.

The U.S. pharmaceutical industry employs over 1.3 million people. It is the largest pharmaceutical market generating over $550 billion dollars.

There are 29,711 people employed in the Strip Clubs in the US as of 2023.

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As the cannabis market continues to grow and partner with adjacent industries, it will another part of employments, economy and everyday life.

The job market has been up and down over the last 6 years, Covid upended things and we came and went through the Great Resignation.  For a portion of the country, they have the ability to look at their job and think – is this right for me? Others may not have options and feel stuck, especially those in the service and industrial sectors.  But two things are clear, the era of tech people being able to pick and choose is coming to an end.

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Your job is the place where you spend large portions of your days, in some cases, the majority of them. It’s also one of the activities that demand the most energy and commitment out of you. An unhappy relationship with your job can strain your personal life, mental health and happiness. The other, is the Great Resignation is over and people are relooking at their job. The number of quits is now back to pre-pandemic levels, when the balance of power had already shifted in favor of workers, as the number of job openings exceeded the number of unemployed workers for large parts of 2018 and 2019. 

What what if your job makes you miserable?  Here are 5 signs indicating your job isn’t make you happy and you might need a change.  Leaving your job is a huge decision which comes with a lot of repercussions. It takes a lot of guts, thought, and financial preparation to decide that you’ll leave the place where you’ve invested a lot of time and effort. Thankfully, there are some noticeable signs that can help you realize if your job is making you unhappy or if you feel like you’re not advancing anymore.

No Room To Grow

According to the book Emotional Intelligence 2.0, it’s easy to get stuck on jobs, especially if you’re good or enjoy what you’re doing. If you see that the people who surround you are getting promotions, and advancing in their careers, then maybe it’s time to look for another job that’ll help you develop your skills and grow as a professional.

You’re Left Out Of Big Decisions

If you never meet any upper management people and see that your co-workers have important meetings without you, then maybe they see you as someone who’s simply filling in a desk and not providing much input. To solve this, you could try to be more proactive in your work or discussing matters with a superior. If that doesn’t work then it’s time to look for another job or company that better suits your needs.

You Know More Than Your Boss

One of the most frustrating things to experience is to feel like you know more than your coworkers. When you feel this with your superior, then it’s definitely time to consider other options. Considering your boss inferior to you also means that you don’t trust your company’s leadership and that your job isn’t as stable as it should be.

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You Hate Going To Work

Whether you work at an office or at home, some find themselves hating being a part of it. It’s important to differentiate the casual Sunday night blues with just plain unhappiness over the fact that you have to work. Your job will always be your job, which means that it’s never the most fun activity in the world, but you should get some fulfillment out of it.

Your Personal Life Is Suffering

If you find yourself lashing out on friends, significant others, and family members over your job, you must reevaluate yourself. When it comes to leaving, be smart about it and explain your situation clearly. You must always get the best out of every situation, even one where you’re unhappy with your workplace.