Thursday, June 8, 2023

Report: Cannabis Industry Experiencing Hiring Frenzy

There has been a lot of discussions lately over cannabis stocks. Some crazy developments have taken place; people are throwing money at anything that moves and, more likely than not, some of the less experienced in the trading game will end up broke as a joke before it is all said and done. But the cannabis industry itself continues to grow. A recent report from the California-based employment agency Vangst finds that employment rates for this sector are on the rise and hundreds of thousands of people are going to work in above average paying positions.

The latest report, aptly referred to as the “cannabis salary guide,” finds that the business of growing and selling marijuana is on a hiring frenzy – more so than any other business sector in America. There has been a 690 percent leap in cannabis-related job listings since the beginning of 2017. And the pay keeps getting better. The average salary for these positions increased by more than 16 percent over the past year and a half. The report shows projected growth of 220 percent for 2019 — a signal that there are no signs of a slow down.

“The industry is rapidly taking off, and cannabis companies continue to compete to recruit and retain the best talent,” the report reads. “We believe hiring and holding onto the best talent will be the differentiating factor between good cannabis companies and great cannabis companies.”

In upwards of 160,000 people are employed with the cannabis industry in the United States, according to a report realized over the summer by Marijuana Business Daily. This means there are now more full-time workers dealing in legal weed than there are librarians and teachers. And as for Donald Trump’s vision to bring back coal, we’ve got news for him: Cannabis is the new coal. The business sector employs approximately three times as many people as the whole of the U.S. coal industry, the report shows.

But how much do these cannabis jobs pay? Well, on the higher end of the spectrum, one of the hottest posts in the market is Director of Cultivation, which has a salary range from $47,000 to $250,000 per year. But this position is pure agricultural — it demands extensive knowledge of growing and harvesting routines. This position also requires the leadership to guide a team in producing the best possible crop. At the lower end, bud trimmers (laborers) and budtenders (retail clerks), positions that can be obtained with little to no experience, can pay between $11.50 and $16 per hour.

Although states like Colorado and California are often viewed as the “place to be for cannabis jobs,” experts say these positions are becoming more widespread in other parts of the United States, as well. Illinois is perhaps the most overlooked and up and coming market, according to Forbes.

So while investors try to strike it rich in the cannabis space, it appears talented people are the most substantial investment.



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