The cannabis job update for the first quarter of 2021
Double-digit growth for executives
While many industries have suffered bankruptcies, closings, and layoffs due to the pandemic, the cannabis industry continued to flourish, and even more so this year.
All of this is well reflected in the cannabis industry’s labor market as the demand for talent grows and salaries rise too. Based on a report by CannabizTeam titled “Cannabis Industry Salary Guide 2021 – Second Quarter Update,” there is a lot to look forward to for both cannabis sufferers and those looking to get their feet in the door.
“The future is bright and we look forward to our continued role in bringing exceptional talent to the leading companies in the industry,” said Liesl Bernard, CEO and Founder of CannabizTeam. The report highlights the hottest jobs right now, including leadership and director roles in cultivation and sales, as well as product development, human resources vice presidents, chief financial officers and vice president of retail.
“The cannabis industry demonstrated its strength and resilience in 2020 and is emerging as the fastest growing industry in the US in 2021,” she added. “With so much hiring, growth and investing, we see a glowing cannabis job market as we enter Q2 2021.”
“Competitive demand for top cannabis talent continues to grow in emerging adult markets including Arizona, Illinois, Michigan, New York and New Jersey as hundreds of new licensees build domestic supply chains to serve more and more retail stores,” it said in the report.
The report also found that salaries continued to rise due to the additional demand that dwarfed the talent supply. The median salary for executives for 2020 rose 10%, and this trend was also seen in the first quarter of 2021. Additionally, the Chief Executive Officer functions had the highest salaries both this year and last, with their average salaries being $ 315,450 and $ 350,300, respectively. shows an increase of 11%.
They found that brand ambassadors and trimmers were the worst-paying jobs last year, with average annual salaries of $ 33,500 and $ 32,250, respectively.
Diversity has also become an important issue for cannabis companies. This is fantastic news, and it shows that there is great minority opportunity in all industries. There is also an ongoing trend towards hiring agency workers for hard-to-fill tasks, as well as insuring full-time workers who are on family or health leave.
Last year, for the first time, they observed an increase in management positions filled by professionals outside the industry. Among the states, California continues to lead the job market, having created 24,000 new jobs last year and currently employing around 58,000 people in the industry alone. The Golden State now has gross sales of $ 3.7 billion. Other states that make the top 10 include Colorado, Florida, Washington, Arizona, Illinois, Oregon, Pennsylvania, and Oklahoma.
The Leafly Jobs Report for 2021 reflects the same sentiment for the industry. Americans bought $ 18.3 billion worth of cannabis products last year, a staggering 71% year-over-year increase. No wonder, because when the pandemic broke out, the industry didn’t shut down as cannabis was viewed as an essential service by the governors. As a result, people filled cannabis for months to make sure they were always supplied. Although sales fell slightly, albeit briefly, in late March 2020, there was a spike in April, followed by a plateau.
However, a jump in sales usually equates to hiring, as companies need to act quickly to meet demand. Leafly explains that there were a few factors that caused a temporary delay in hiring. One of these was that investors feared after Canadian investment results left much to be desired a year after cannabis was legalized at the federal level.
Excellent prospects for jobs
Vangst, a cannabis recruitment company, has had some positive feedback on the industry’s job market again this year. Vangst CEO and Founder Karson Humiston believes this year could be the biggest yet when it comes to job creation.
“This will be the blockbuster year for phasing out cannabis,” said Humiston Cheddar. “We will see tremendous employment growth in 2021 and we believe it will be the biggest job creation year the cannabis industry has ever seen.”
“At a time when 10 million Americans saw their jobs disappear overnight in this pandemic, we saw the industry grow,” added Humiston.
When the pandemic started, the cannabis industry was already suffering from a challenging year in 2019. However, as more people bought cannabis in the second half of last year, spending habits changed and it was clear that even a pandemic could not get people to agree stop buying their pot. “The uncertainty this time around is why there were layoffs,” explains Humiston. “Next time around, I definitely think investors will be more confident about putting money into cannabis companies when there is an economic retreat.”
“As the states open up and expand and grow, more and more jobs are being created. We estimate that a million brand new jobs could be created in the next ten years. The upcoming states continue to legalize at the pace they are legalizing now, ”says Humiston.
Cannabis companies will continue to thrive
All of this is happening because the industry was quick to respond to the pandemic. Retailers and companies developed innovative solutions to ensure that demand could be met through deliveries, roadside collections and allowing limited numbers of customers at pharmacies after reopening.
We can expect more positive job and growth news in the coming months.
Click here to search the Cannabis.net job board for new daily offers and vacancies in your area.
While federal legalization can take a little longer, the cannabis industry has made strides by creating high-paying, sustainable positions for executives and management teams.
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