Do you want to work in marijuana? Here are some tips

Some people dream of working in the travel industry, others dream of working in the food industry, and still others want to work in the growing marijuana industry. Do you want to board “on the ground floor”…even though this ship will pretty much set sail unless it’s a brand new rule of law? Anyway, the cannabis industry employs over 428,000 and is still looking for good talent.

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Post Covid, this marijuana industry has seen some ups and downs. California and its job market are devastated, but Missouri is hiring. Smaller states are thriving while some of the older states are struggling. Missouri, Michigan and New Jersey saw the strongest job growth. New York, with over 1,500 unlicensed retailers, is also hiring, but it’s a little riskier.

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There are four industry sectors – Growth, Product, Retail, and By-Products. The best opportunities right now are in the product and retail space.

GROW

Grow is having the most trouble as both legal and black market flowers are flooding the market and the price per pound has fallen. It’s down about 25% year over year, which means they’re streamlining operations. Think of it like working on a farm or a large gardening business. A personal, practical roll that allows you to take care of the plant and then send it as a pre-roll, product or flower. A smaller part of the industry but staff and owners tend to be passionate, especially when developing new strains.

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PRODUCT

The products remain healthy as can be seen on April 20th, the high holy day of cannabis sales. Sales skyrocketed as more people entered the market and consumed more frequently. There is an opportunity for brands that have multiple product lines and also have strong distribution.

An independently conducted survey by Jushi found demand for cannabis is resilient despite rising inflationary pressures and cost-saving behavior.

39% of participants said they bought cheaper cannabis in 2022 compared to 2021, but 73% actually spent more money per transaction that year. In addition, the THC percentage and the price are the new main factors to consider when buying cannabis. Last year, branding and strain type were most important, but now 60% and 58% of respondents, respectively, consider THC percentage and price to be the most important factors.

As you delve into products, make sure you understand how much they make, sell, and growth potential. Perhaps do some research and speak to your favorite retailer to see how their brand is selling.

RETAIL TRADE

Retail is definitely not work at home, but a vibrant opportunity to interact with and learn from customers. Retailers are often open 7 days a week and have traditional boom times like 4th of July, bank holiday weekends, winter holidays, etc. Clever ones are also working to minimize slow times. A recent survey by CivicScience found that 21% of people doing Dry January — a popular trend that involves abstaining from alcohol for a month — are replacing alcohol with cannabis and CBD. The same survey found that the largest demographic of people substituting cannabis for alcohol is 21-24 year olds (34%), followed by 25-34 year olds (24%). If you go into retail, act professionally, know and connect with your customers, and look for ways the business (and you) can increase sales and profits. Strong salespeople ALWAYS have good career paths.

RELATED: The alcohol industry is taking big gulps from marijuana companies

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Ancillary includes all “picks and shovels” businesses such as marketing and packaging companies to point-of-sale systems. This area has taken a hit and has responded in a unique way. Cannabis companies have lost business to mainstream companies and cannabis ancillary companies are branching out to mainstream customers.

If you have talent in the sideline – be it tech, sales, marketing, insurance, etc., you should look at large and boutique mainstream agencies/companies and ask them if you can help run their marijuana division.

Finally, marijuana is still a burgeoning industry with an opportunity to make a name for itself with hard work and brains.