In an era marked by economic uncertainty and shifting societal norms, one industry has emerged as a luminous example of resilience, innovation, and unbridled potential: the legal cannabis sector.
As the world grapples with the aftermath of a global pandemic and navigates the uncharted waters of a new decade, the cannabis industry has not only weathered the storm but has flourished, creating jobs, generating revenue, and captivating the attention of investors and entrepreneurs alike.
The recently released 2024 Vangst Jobs Report, a comprehensive analysis of the cannabis industry’s employment landscape, paints a picture of an industry on the cusp of a transformative era, poised to reshape the fabric of our economy and society in ways we have only begun to imagine.
Explosive Job Growth in the Face of Adversity
While traditional industries have struggled to maintain their footing amidst the turbulent economic landscape, the cannabis industry has defied expectations, creating thousands of new jobs and providing a lifeline to countless individuals and communities.
According to the 2024 Vangst Jobs Report, the legal cannabis industry added an astonishing 22,952 new jobs in 2023 alone, representing a remarkable 5.4% year-over-year increase.
This surge in employment brings the total number of full-time equivalent jobs supported by the industry to an impressive 440,445, a testament to the sector’s unwavering commitment to growth and expansion.
Can any other industries claim such success?
State-by-State Analysis: A Patchwork of Progress
As the cannabis industry continues to evolve, it is becoming increasingly clear that not all states are created equal when it comes to embracing the economic and social benefits of legalization.
The 2024 Vangst Jobs Report explores the nuances of each state’s regulatory environment, investment climate, and past performance, revealing a complex tapestry of successes and challenges.
Leading the pack in terms of job growth are Michigan and Missouri, which collectively added more than 20,000 jobs in 2023, showcasing the tremendous potential of newly legalized markets.
Meanwhile, states like New York and New Jersey, which have taken a more measured approach to legalization, continue to experience steady growth, adding 2,050 and 4,870 jobs, respectively.
On the other hand, the report also highlights the challenges faced by some of the earliest legal states, such as California, Colorado, Washington, and Oregon, which experienced job losses in 2023.
These losses serve as a reminder that the cannabis industry is not immune to the ebbs and flows of the broader economy and that sustained success requires a delicate balance of regulatory oversight, market demand, and innovation.
Looking Ahead. The Future is Green
As we look to the future, the cannabis industry is poised for even greater growth and expansion.
The 2024 Vangst Jobs Report projects a moderate 9% increase in overall revenue for the industry in 2024, with more significant expansion expected in 2025 as lower interest rates make investment and growth more affordable.
This optimistic outlook is further bolstered by the identification of key growth markets, such as Ohio, New York, New Jersey, and Maryland, which are expected to drive thousands of new hires in the coming year.
However, the road ahead is not without its obstacles. The cannabis industry continues to operate under the shadow of federal prohibition, which hinders access to traditional banking services, limits research opportunities, and creates a patchwork of state-by-state regulations that can be difficult to navigate.
Despite these challenges, the industry remains undeterred, driven by a passionate workforce, innovative entrepreneurs, and a growing public demand for safe, legal access to cannabis products.
The Path Forward
In a world where reliable data on the cannabis industry is often scarce, the 2024 Vangst Jobs Report provides essential insights into the health and growth of this dynamic sector.
By examining jobs per state and exploring an industry that has proven to be the fastest-growing business sector in the United States, Vangst and its partner, Whitney Economics, are filling a critical information gap created by federal prohibition.
