Cannabis has created 160,000 jobs in the US; more to come

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(FinancialPress) — A new report released by MJBizDaily shows that the booming cannabis industry has created 160,000 full-time work positions in the United States, and is poised for substantial growth over the coming years.Perspectively, this ranks the workforce in the industry as a whole above the numbers held by all the kindergarten teachers and librarians in the US, and triples the number of people employed by the long-running coal industry.The number revealed could as much as double over the next year, as large markets within the US start propelling the industry to new heights. Added to that, more states coming into the legalization fold is almost an inevitability. According to the Marijuana Business Factbook 2018, estimates are built up form workers who work directly within the industry -budtenders, technicians-, as well as those that serve auxiliary purposes such as bookkeepers and security staff.

2018 marks the first time that the cannabis workforce is measured in full-time equivalent workers. This is a way to make proper estimates and equations involving the hours worked by several part-time employees.

The method allows for the notoriously seasonal marijuana space to get a fair shake when measurements are taken – as a major part of its workforce is employed mostly part-time.

Most of the workforce operates within small businesses, but that is expected to change as the industry grows and evolves. More big players are poised to emerge in the space – with large companies worth several million already are making the most of the opportunity of being the first ones in an emerging market. With it being the beginning, one can only expect more and more investors to pour their efforts into the cannabis space. That said, most of the action remains within the small business sector.

Massive growth bullets

An expected growth of 21% annually sets the employment targets for 2022 at 340,000 full-time jobs. As a measuring stick, the health-care industry will grow roughly 2% yearly over that same period.

Eventually, California‘s massive legal adult recreational and medical use could eventually reach incredible heights. Analysts believe that it could reach as much as $4 or $5 billion in recreational sales only each year – beating out the entirety of of recreational markets‘ sales numbers for the past year combined.

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Ruben is a South American writer who focuses on the state of the cryptocurrency, cannabis and tech industries worldwide.

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