Are you wondering where the next America’s Great Job Creation Industry is? Well, you might be surprised to hear that legal cannabis is the answer. Diplomats around the world have been pursuing the legalization of marijuana and cannabis for a very long time. With the impending global crises due to the recent pandemic, there seems to be a huge pressure on the American government to make ways to better sustainable jobs. The Bureau of Labor Statistics indicates that as of September 2020, the official rate of unemployment in the US soared up to 8%.
Now amidst the pandemic that has greatly affected the US economic system and the slow hiring rate, legal cannabis has proved to be an anchor point leading the American economy towards the right path. The annual Cannabis Jobs report found that even in a year where everything seems to be halted, the legal cannabis industry supports over 243,700 full-time American jobs.
With the employment expansion, it is the first time that a job analysis surrounding the legal cannabis industry has been done on such a large scale. As the cannabis market has formally passed its one year anniversary, we thought it best if there was a detailed round-up on how the legalization of the cannabis industry has impacted several states over the US.
Exponential Growth with Passing Years
Compared to the previous year, 2020 has accounted for over a 45% yearly increase in jobs, as the expanding industry has added over 64,000 new jobs nationwide. If that was not enough, the industry is expected to create about 20,000 more jobs in California and Florida alone by the end of this year, which is a huge win considering the gravity of the situation we are dealing with. So, the legal cannabis industry is slowly on its path to becoming the fastest-growing industry in America, or so the reports suggest.
The most attractive niche of the legal cannabis industry is the prevalence of medical marijuana and its use in different patients. The popularity of medical marijuana continues in US adults as the legal status of marijuana in many states has played a huge difference in changing the perspective of people. Where people used to see cannabis as a dangerous drug in the past, they are becoming more open to the idea of using it for their own good, which is beneficial for the government as well as the general public. According to new frontier data, the legal cannabis industry will likely grow by 29.7 billion USD by 2025.
Where Can You Find a Job: Top Cannabis States
In 2018, reports suggested that when it came to the medical marijuana industry and the most jobs produced. As a result, Florida took charge, ramping up to nearly 10,000 jobs and a tremendous increase of 703% compared to the previous year. However, you have to keep in mind that these are only contributed due to medical patients as cannabis is still illegal in the state of marijuana.
So, if we are going to talk about sheer numbers due to cannabis growth, California, Colorado, and Washington takes the cake. Out of all the states in the US, California is the biggest legal cannabis employer in the country, with a job per 980 residents.
After California, both Colorado and Washington play a huge role in the success of the legal cannabis industry. According to a job report, Colorado employs up to 35,000 people in the cannabis industry, while Washington is home to 24,000 legal cannabis industry employees.
Other states include Massachusetts, Oklahoma, and Illinois that are taking charge in becoming the next expansion hub. These states have accounted for a handsome growth in jobs and job opportunities, and the reports suggest that it is only a matter of time that they will also be booming with business just like California and Colorado.
Data Collection and Analysis
As far as the data collection and analysis is concerned, every state has to produce some sort of reporting regarding their legal cannabis industry. It can be in the form of patient counts dependent on legal marijuana, licensed monthly sales, or cannabis work permits. The relevant authorities like Labor Statistics take all this data to evaluate the growth of the industry.
Where previously certain federal prohibitions caused data related to the cannabis data to stay out of the annual job count, it has only recently been started to be taken into account. With cannabis becoming legal in more and more states, the need for accurate data collection and analysis is becoming apparent.
With regular cannabis seeds and its variants hitting the market, the government would have to change their scales to take CBD relevant jobs into account. Cannabis and its related products have had a very positive impact on the economy of the country without a doubt. With increasing regulations, one can only hope for a future where everybody profits.