Are you interested in the current state of the cannabis industry job market? Look no further than the Vangst 2023 Jobs Report, the leading resource for cannabis employment data. In this week's episode of Proud to Work in Cannabis, host Karson Humiston, Founder & CEO of Vangst, speaks with Bruce Barcott, creator of the Jobs Report. Read on for a sneak peek into the episode and gain insight into this year's report.
The Jobs Report was started in 2017 by Bruce Barcott, who recognized the gap in the reporting of how many jobs there were in the legalized cannabis industry, which at the time was only a few years old. In this week's episode of Proud to Work in Cannabis, Bruce discusses how he hired a freelance reporter to find out the answer and discovered that nobody was tracking this information. Since then, the report has grown into an annual project that has become the gold standard when it comes to counting the number of jobs in the legalized cannabis industry in the US.
Bruce's team partnered with Beau Whitney of Whitney Economics from the beginning, who is the foremost economist in the cannabis industry, to really get to the root of the story behind the numbers that Bruce's team was collecting. Since 2017, the team has reported double-digit growth year over year, and this year, the Jobs Report reveals that there are 417,493 jobs in the legalized cannabis industry.
However, for the first time since the report's conception, the team is reporting a slight dip in the number of jobs in the cannabis industry nationwide. The report attributes this decline to a calming of the pandemic effect, inflation, and a cooling of investment interest in cannabis. The uncertainty of when cannabis legislation will happen makes it difficult for businesses to raise funding and expand, as they are considered an exceptionally risky investment.
The report also notes that in states that have legalized cannabis, the migration from the non-regulated market to the regulated market isn't happening at the predicted rate. For example, in California, where there are about 83,000 jobs in the legalized cannabis industry, 50% or less of the true-cannabis demand is being serviced by businesses in the regulated industry. The report suggests that more dispensaries need to be opened to make it convenient for consumers to buy legally.
Tune in to this week's episode of Proud to Work in Cannabis to hear the fascinating story behind the Jobs Report's inception, gain insight into the state-by-state analysis of this year's data, and learn about predictions for the future. Download the report now at vangst.com/reports/2023-jobs-report and stay up to date on the cannabis industry's job market.
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