Updated: Nov 16, 2021
77,000 jobs added in 2020 to bring the number of full-time cannabis-related jobs to over 320,000 nationwide.
Entering 2021 as the fastest growing industry in the United States, the cannabis industry is well-positioned to continue its upward trend, having added 77,000 jobs in 2020 to bring the number of full-time cannabis-related jobs to over 320,000 nationwide. With new large-population states adopting recreational cannabis use and poised to enter the market, the record 32% year-to-year job growth experienced in 2020 could actually increase.
Growth in the industry should continue steadily throughout the next few years, with predictions that annual sales could top $35 billion and full-time jobs could reach 500,000 by 2024. This recent growth is even more astonishing when one considers that it occurred during a challenging and volatile economic year that saw the overall U.S economy shrink by 3.5%, unemployment nearly double, and 10 million Americans lose their jobs.
Nevertheless, with cannabis declared essential during the pandemic, the industry was able to adapt its practices to account for social distancing, manage its supply chains, and adjust to pandemic-related employment resource issues that occurred early in the year to bounce back and begin adding more jobs by the fall of 2020.
As revenues increase for cannabis companies, more and more massive companies are investing in cannabis cultivation and sales. And as more large companies begin to wade into the industry through investments, acquisitions, and mergers, one can expect equally large and dynamic growing operations to emerge, and with them, new trends in cannabis cultivation.
“Despite an increase in expansion and consolidation, not all trends suggest the industry is going full-on big business. Because of the diversity of cannabis strains, products, and processes, there is still plenty of room in the market for small to mid-sized operations to flourish with the right business model, vision, and talent pool.”
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