Cannabis Expected Create Over 400,000 Jobs by 2021
One thing that no one can argue about when it comes to cannabis legalization is the fact that it has certainly boosted the job economy in a way that it has needed for a long time. The multi-billion-dollar industry has already created thousands of jobs and provided many entrepreneurial opportunities that would never have existed otherwise – and that is only estimated to grow as the legal industry spreads.
“According to data compiled by Arcview Market Research, in partnership with BDS Analytics, the U.S. total economic output from the legal cannabis market will grow 150% from USD 16 Billion in 2017 to USD 40 Billion by 2021.”
These projections are based off of a combination of the current cannabis industry and the rate at which it has grown over the past several years. As more states move in the direction of more sensible cannabis policies, naturally, the industry will grow as well – creating new jobs in each state as laws begin to change.
“By 2021, there will be a total of 414,000 FTEs among legalized states, led mainly by six states that had adopted legalization early on: California, Colorado, Massachusetts, Nevada, Oregon and Washington.”
For example, California alone is expected to create 99,000 new jobs now that they have legalized the herb. This includes various employment opportunities that are unique to the cannabis industry like budtenders and master growers as well as more traditional jobs like receptionists and bookkeepers.
“Across the country, Americans are worried about being able to find jobs and support their families,” said Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics. “The numerous employment opportunities created by the cannabis industry, especially in states that are legalizing adult use, cross the spectrum from retail and service jobs to science, technology and other traditional professions. Voters have noticed, and now legislators are waking up to the opportunities.”
These jobs are a necessary part of boosting the economy that has been needed for years – and employment is going up with part of the reason being the newly legal cannabis industry. If the U.S. were to legalize cannabis on a national scale, like neighboring Canada has recently done, it could solve unemployment among other issues – but for now, one state at a time, cannabis legalization is making a difference far beyond what was originally expected.