High Times: US Cannabis Industry Reaches Record Heights

The legal cannabis industry in the United States has reached unprecedented levels of success, boasting its highest-ever number of jobs and sales, according to a recent report.

Job Market Flourishes

Vangst, a leading cannabis industry job platform, revealed that at the onset of the year, there were a staggering 440,445 full-time-equivalent jobs in the legal cannabis sector. This marks a notable 5.4 percent increase from the previous year. The report also highlights a significant rise in annual sales of legal marijuana, both recreational and medical, which surged by 10.3 percent to a remarkable $28.8 billion in the past year.

Evolution of Legal Cannabis

Over the past decade, legal cannabis usage across the US has seen a remarkable surge. Colorado paved the way in 2014 by becoming the first state to legalize the sale and use of marijuana for recreational purposes. Since then, the industry has seen exponential growth, with nearly half of all US states and territories now permitting cannabis for recreational use. However, it’s important to note that despite state-level legalization, marijuana remains illegal under federal law.

State Rankings and Growth

California leads the nation in terms of marijuana job opportunities, boasting 78,618 positions as of March. Michigan follows closely behind with 46,746 jobs, securing the second spot. Surprisingly, Florida ranks third with 30,238 jobs, despite being a state limited to medical marijuana use only. Additionally, Pennsylvania and Oklahoma, both states with medical-use-only policies, have also emerged as significant players in the industry, ranking sixth and fifteenth respectively.

Market Expansion and Challenges

Vangst attributes this growth to expanding markets, particularly in the Midwest and along the East Coast. Michigan, in particular, witnessed remarkable growth in 2023, with sales exceeding $3 billion, marking a 33 percent increase from the previous year. However, not all regions experienced growth; the West Coast saw a decline, losing 15,000 jobs across California, Colorado, Oregon, Washington, and Nevada.

Outlook and Concerns

While the industry has experienced exponential growth over the past decade, it has not been without its challenges. An oversupply of cannabis in many states has led to historically low wholesale prices, squeezing farmers and impacting profit margins across the supply chain. Despite these challenges, the report remains optimistic, predicting continued growth and job creation in new legal markets.