The U.S. economy showcased robust job growth in June with 266,000 new jobs added, exceeding forecasts. Despite this positive indicator, the unemployment rate edged up slightly to 3.7%. Wage growth was relatively tame at 0.2% month-over-month and 4.3% year-over-year, suggesting a potential slowdown in the previously overheated job market.
In contrast to the broader economic trends, the cannabis industry experienced a year-over-year revenue increase of 10.3%, reaching $28.8 billion in 2023. This represents a rebound from a decline seen in 2022, hinting at stabilization within the sector. However, the performance across states varied significantly due to differing market maturities and regulatory environments.
Regional Market Variations
Data from the Vangst Jobs Report 2024 indicates vibrant growth in newer markets such as Michigan, Missouri and Illinois, where cannabis-related employment surged by 5.4% year-over-year, adding 22,952 new jobs.
Mature markets like California and Colorado faced challenges such as price compression and intense competition, leading to a downturn in sales and job losses. For instance, California saw a reduction of nearly 5,000 jobs despite being a longstanding hub for cannabis activity.
Salaries and Employment Trends
The Vangst 2024 Salary Guide highlights an optimistic outlook for cannabis salaries, spurred by anticipated federal regulatory changes. Top-tier cannabis salaries increased by 4.7% over the past year, outpacing the average increase across non-cannabis industries.
Directors of Cultivation now earn between $90k and $140k, while retail positions such as Budtenders earn between $14 and $22 per hour, reflecting the sector’s growing professionalization and competitive compensation structures.
These issues will be a hot topic at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link.
Read Next: Cannabis Jobs In 2024: Career Opportunities, Key Players And Industry Trends For Job Seekers.
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