Over the last few years, cannabis has taken center stage in America as the market for legal cannabis sales continues to grow. A recent report demonstrates exactly how much this budding new industry is worth. The State of Legal Marijuana Markets, by Arcview Market Research, combines new market statistics and paints a comprehensive picture of the cannabis industry in the US, as well as where we can expect it to be in the coming years.
Below we will examine the major findings of the Arcview report and the reasons behind the immense growth within the legal cannabis marketplace. More importantly, we will look at how the development of the cannabis industry will affect employment.
If you’re interested in becoming part of America’s fastest growing industry, make sure you attend Join The Green Rush, California’s largest cannabis jobs fair, at the Regency Ballroom in San Francisco on Saturday, April 30th. The fair will unite thousands of passionate individuals like yourself with leading cannabis companies, and feature a variety of guest speakers, workshops, and more. For more information on the job fair and the cannabis industry, visit the JTGR website today.
Cannabis in The US: A Quick Look at The Industry
In its latest report, Arcview Market Research led an in-depth investigation into America’s cannabis industry. And the numbers are impressive.
Arcview found that the market for legal cannabis sales in the US grew over 54% since 2014, and expects the cannabis industry to be worth $7.1 billion by the end of this year. But it doesn’t stop there.
The market is expected to experience similar growth over the coming years. Based on industry trends, as well the fact that more and more states are coming to challenge outdated policies that prohibit cannabis use, Arcview suggests that the cannabis industry will continue to grow at a steady rate of almost 30% per annum. By 2020, the industry is expected to be worth over $22 billion.
Arcview identified three main forces that are driving the exponential growth of legal cannabis markets in the US. Firstly, it points to the explosive growth of adult use sales over the last years, made possible by new legislation that legalized recreational cannabis use in states like Colorado and Washington.
Between 2014 and 2015, the number of recreational sales of cannabis and cannabis products grew over 230%, and they’re not expected to slow down. This year will see seven states vote to legalize cannabis for recreational use and develop complex regulatory systems that treat the substance much the same as alcohol or tobacco.
This will pave the way for the adult use market to further develop and mature, and Arcview expects recreational cannabis sales to dominate over 50% of the entire legal cannabis market by 2020.
Arcview also pointed to the growing change in social perceptions of cannabis and its role in our society as another driving force behind the immense growth of the industry.
The report showed that in 2005 only 36% of Americans supported the idea of completely legalizing cannabis and cannabis use. Now, over 57% of Americans are in favor of the complete legalization of cannabis, and over 80% believe it should at least be legalized for medicinal purposes.
These changes to the social perceptions of cannabis and its role in our society both as a medicine AND as a recreational substance are driving a political shift across the nation, encouraging people to challenge outdated policies of prohibition. Instead, they are pushing their state and local governments to reflect their changing personal views and opinions and legalize cannabis to some degree.
This has lead 23 states to legalize medical cannabis, and four states (and the District of Columbia) to allow recreational adult use. In turn, over 85% of Americans currently find themselves living in a state where cannabis is legal to some extent.
The Arcview report states that this trend will continue to grow, labelling 2016 as “the tipping point in which a majority of US states transition from cannabis prohibition to some form of regulated legal markets.”
Finally, Arcview argues that Americans are beginning to see legalization as a genuine and effective alternative to prohibition, and that this is in turn giving the cannabis industry enormous potential for further growth.
The report argues that the success of legal cannabis markets in states like Colorado and Washington have shown the American public that legalizing cannabis can be beneficial, and that many of the fears of prohibitionists were unjustified.
“The success of these markets [Colorado and Washington] has provided the first clear evidence that legalization is a viable alternative to prohibition, a fact based counterpoint to the argument that it is in society’s best interests to sustain the prohibition of cannabis,” the report states.
“Crime is down, falling prices have made the legal market increasingly competitive against the black market, regulatory compliance is high as businesses dare not risk losing their valuable
licenses, and product quality and diversity has increased.”
Be Part of America’s Fastest Growing Industry
The Arcview report paints a glowing picture of the cannabis industry in the US. One aspect the report did not touch on, however, is how the growth of this new industry will affect the job market.
But it doesn’t take a lot of digging to realize that the development of the legal cannabis trade will create thousands of jobs in a variety of sectors. As new legislation paths the way for a sophisticated and well-regulated industry, cannabis companies will be looking for talented individuals to help their businesses develop.
The cannabis industry is still very much in it’s infancy; the substance was only legalized in Colorado and Washington in 2012, and while medical cannabis has been legal in California for almost two decades, the major legislation governing the regulation of legal cannabis was only passed in October 2015.
However, we are already beginning to see the first signs of the new job market that the legal cannabis industry will help to nurture.
Weedhire, an online job board for cannabis professionals, [reported](https://www.forbes.com/sites/emmajohnson/2015/01/16/need-a-job-the-weed-industry-is-hiring/# 6441dfc331f3) seeing an average of 70.25% growth in employment opportunities across four main sectors of the cannabis industry in January 2015. More recently, the Marijuana Business Daily reported that the number of marijuana-related occupational licenses issued in Colorado grew 68% between 2014 and 2015, showing that more and more people are seeking qualifications to help them land a career with cannabis.
And you don’t have to rely on hard statistics to see the potential for yourself; a quick search for ‘cannabis jobs’ on Indeed.com generates over 440 active job listings in a matter of seconds, calling for professionals to fill a variety of positions in a variety of sectors, including sales, marketing, retail, and even finance.
As the legal cannabis industry evolves to become more regulated and sophisticated, more and more cannabis companies will be looking for professionals to help them meet a growing demand for their products and/or services. So that, working with cannabis won’t just involve standing behind the counter at a local dispensary.
The employment opportunities are vast, with cannabis businesses looking for everything from sales representatives, research assistants, and account managers, to graphics designers, photographers, and even copywriters. And it won’t stop there.
In its report, Arcview suggests that 2016 will see the cannabis industry heavily integrate technology to better target young consumers. “With the millennial generation driving a large portion of cannabis market growth, technology is poised to have a major impact in overall industry evolution in 2016,” the report states.
This means that cannabis businesses will be looking into new ways of automating production, engaging with consumers, marketing their products and services, and much more. In doing so, these businesses will generate a high demand for talented, passionate teams to help them drive their operations.
And you could be part of all the action. To kickstart your career in the cannabis industry, make sure you head to Join The Green Rush, California’s largest cannabis jobs fair, at the Regency Ballroom in San Francisco on Saturday, April 30th.
Dozens of cannabis companies from various sectors will be exhibiting their products and services, while simultaneously keeping an eye out for talented professionals to join their team. Best of all, you can attend the event for free. Follow this link to get your tickets today, and use the promo code BLOG to secure your free entry. For more information on cannabis jobs and the cannabis industry, visit the JTGR website today.
