Almost half a million people are now employed full-time in the cannabis sector in the U.S., according to a report released by Leafly on Wednesday.
As states such as New York, New Jersey and Connecticut prepare to implement retail sales, growth is expected to continue exponentially.
Nevertheless, the new figures for 2021 are already substantial, especially in light of the ongoing challenges businesses have experienced following the Coronavirus outbreak.
A record 107,059 new jobs were created in the marijuana industry last year, compared with 32,700 in 2019 and 77,300 in 2020.
A total of 428,059 people are employed in marijuana as of 2021, up from 321,000 in the previous year.
This is Leafly's sixth jobs report. It was compiled in collaboration with the cannabis economic analysis firm Whitney Economics.
Additionally, researchers found that adult-use and medical states sold about $25 billion worth of cannabis products last year, surpassing the amount sold in 2020 by nearly $6 billion.
According to the report, the marijuana industry is growing at a much higher rate than traditional markets.
During the past year, job growth exceeded 27 percent for the fifth consecutive year. The general business and financial occupations, on the other hand, will only grow by about eight percent this decade ending in 2030.
Nevertheless, as in other sectors of the economy, job shortages and unfilled positions remain significant obstacles to expansion in the marijuana industry. And as Leafly pointed out, the implementation of retail in several vital states means that employers will need to hire even more employees in order to meet consumer demand.
"Since 2014, when the nation's first adult-use cannabis stores opened, the industry has created hundreds of thousands of new American jobs–and there are still plenty more yet to be created," Leafly CEO Yoko Miyashita said in a press release. "We know the potential cannabis has as both an economic driver and force for good, and it's heartening to see employment numbers continue to reflect this strong growth."
"Leafly is proud to step up and fill the gap created by a lack of federal reporting and to advocate for federal legalization that's equitable and accessible to all communities. During this midterm election year, our elected officials must recognize the reality that cannabis is a leading, homegrown American industry and help us achieve our goal of an inclusive and profitable cannabis industry for all."
According to the new report, employment in the marijuana market will eventually reach 1.75 million workers.
It also makes some interesting observations regarding the size of the marijuana market as of 2021. Analysts note, for instance, that there are now three times as many cannabis professionals as dentists.
As a result, there are more marijuana jobs than people who work as hairstylists, barbers, or cosmetologists combined.
The report states that last year's national cannabis sales ($25 billion) represent just 25 percent of the industry's potential. Moreover, it predicts that cannabis revenues will nearly double by 2025, and even then, they will represent only "less than half of the total potential market."
Thus, investors interested in the sector can still take advantage of its rapid growth as it matures.
