Earlier this week, an economic report projected global cannabis sales to increase to 36% in 2019, with dramatic growth expected over the next five years, thanks to an expansion of existing markets and future ones not open just yet. That new business growth is good for companies, investors, consumers, tax collectors, and employees. Not surprisingly, bigger market share means more jobs, and U.S. jobs are expected to increase by 34%, with the total number of people employed full-time in the cannabis industry to range between 175,000 to 215,000, up from 130,000 to 160,000, according to a new report. Existing data shows that these cannabis jobs, on average, pay more than other business sectors. If the growth pans out, then there will be more people working full-time cannabis jobs than there are web developers. With markets expanding across the nation, this growth is projected to continue, with more than 385,000 jobs by 2023.
Total economic impact of the cannabis industry will be range from $39.2 billion to $48 billion in 2019 – about a 35% increase over 2018.
U.S. cannabis sales in 2018 were between $8.6 billion and $10.8 billion – more than U.S. spending on e-cigarettes, the video game Fortnite and Goldfish crackers.
U.S. sales of cannabis in 2019 will be about 35% higher than 2018 and could reach $30 billion by 2023.
Cannabis sales in California are certainly due to increase and more states will soon join Illinois in legalizing cannabis, with New York, New Jersey, and Delaware looking to end prohibition for all adults very soon, so it isn’t shocking to know that dramatic job growth is expected. However, the sheer number of full-time cannabis workers is truly astounding, considering the fact that only 11 states and Washington, D.C., have legalized and Vermont and D.C., as of now, don’t yet allow cannabis commerce. It is great to see that the cannabis community is creating more jobs, revenue, and freedom, across the United States, and are work isn’t nearly done yet.
The International Cannabis Business Conference is the best place to learn the latest about the industry and to network with top investors, entrepreneurs, and employers. Next up: Vancouver, British Columbia, Canada, this September 15-16. Be sure to purchase your early-bird tickets by August 21st to save.