Saturday, March 2, 2024

Data Show Cannabis Is A Major Economic Driver

2021 was the fifth year in a row the cannabis industry saw an annual job growth rate higher than 27%, with a 33% increase in cannabis jobs in just a single year.

Can you guess how many people are employed by the U.S. cannabis industry? The numbers might surprise you. Data shows cannabis is a major economic driver.

Whitney Economics, a global leader in cannabis and hemp business consulting and economic research released their Cannabis Jobs Report, Data shows that America’s cannabis industry sold nearly $25 billion in products and created more than 100,000 new jobs in 2021.

cannabis minorities equality
Photo by DisobeyArt/Getty Imagess

According to the report, there are 428,059 full-time equivalent jobs supported by the legal cannabis industry in the U.S. Furthermore, America’s 11 operating adult-use markets and 27 medical marijuana states combined sold just under $25 billion worth of cannabis products — more than $6 billion from the previous year.

The report forecasts total employment potential in a mature US legal cannabis market could potentially reach 1.5 to 1.75 million workers, nearly 4 times as many workers as in this year’s report.

Since 2014, when the nation’s first adult-use cannabis stores opened, the industry has created hundreds of thousands of new American jobs. And with more states and a growing consumer base, there are still plenty more yet to be created. The potential cannabis has as both an economic driver and force for good and strong growth.

This year’s 2021 report demonstrates that cannabis continues to be the most powerful job creator in America. 2021 was the fifth year in a row the cannabis industry saw an annual job growth rate higher than 27%, with a 33% increase in cannabis jobs in just a single year.

RELATED: How To Land A High Paying Career In Cannabis, According To Experts

Employment in business and financial occupations are projected to grow only 8% through the decade. With states like New Mexico, New Jersey, New York, and Connecticut expected to open their first adult-use cannabis stores within the next 18 months, America’s cannabis job creation boom is expected to continue through at least 2025.

cannabis industry
Photo by colnihko/Getty Images

RELATED: 32% Cannabis Job Growth In 2020, Despite COVID-19

Nationwide cannabis sales increased 33% in 2021, while “the investment capital that fled the cannabis space in early 2020 has largely returned, giving companies the money needed to increase payroll.

Key Findings From The Jobs Report

  • 2021 marked the first year that cannabis job creation hit six figures. After adding 32,700 jobs in 2019 and 77,300 jobs in 2020, the industry added 107,059 new jobs in 2021.
  • The United States now has three times as many cannabis workers as dentists.
  • There are more people employed in the cannabis industry than there are hairstylists, barbers and cosmetologists combined.
  • As of 2022, three out of four Americans now live in a state where medical cannabis is legal.
  • The total cannabis sales figure in this year’s report—$25 billion—represents only about 25% of the total potential US cannabis market.
  • By 2025, America’s total annual legal cannabis revenue is forecast to be closer to $45 billion, which is still less than half the total potential market.
  • Last year, America’s legal cannabis industry created more than 280 new jobs per day.

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