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2024 Vangst Jobs Report Highlights Growth and Trends in Legal Cannabis Industry

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Vangst, the premier jobs platform for the cannabis industry, has released its highly anticipated 2024 Jobs Report in collaboration with Whitney Economics. This comprehensive report delves into the regulatory landscape, investment climate, cannabis license data, and past performance of each market to provide insights into the evolving legal cannabis industry and quantify the number of full-time equivalent (FTE) jobs it supports.

The second annual Vangst Jobs Report paints a positive picture of the legal cannabis industry, showcasing notable trends in job creation and sales growth. In 2023 alone, the industry added 22,952 new jobs, representing a 5.4% year-over-year increase and bringing the total number of FTE jobs supported by the industry to 440,445. This growth is mirrored by the $28.8 billion in legal cannabis product sales in 2023, a $2.7 billion increase from the previous year.

Key highlights from the 2024 Vangst Jobs Report include significant job growth in states like Michigan and Missouri, each adding over 10,000 jobs in 2023. New York and New Jersey also experienced steady growth, with 2,050 and 4,870 new jobs added, respectively. Conversely, early legal states such as California, Colorado, Washington, and Oregon witnessed job losses.

Looking ahead, the report predicts a moderate 9% growth in overall revenue for 2024, with further expansion anticipated in 2025. Ohio, New York, New Jersey, and Maryland emerge as hot job markets for 2024, with a demand for thousands of new hires in the coming year.

Karson Humiston, Founder & CEO of Vangst, expressed pride in the industry's growth, noting that less than a decade ago, there were fewer than 50,000 full-time employees in cannabis. Today, the industry boasts over 440,000 full-time employees and shows no signs of slowing down.

The insights provided by the 2024 Vangst Jobs Report are crucial for understanding the trajectory of the legal cannabis industry in the U.S. Despite federal prohibition hindering federal and state labor departments from compiling data on the industry, Vangst and Whitney Economics fill this gap by exploring an industry that has become one of the fastest-growing business sectors in the country.

To delve deeper into the findings of the 2024 Vangst Jobs Report and gain insights into the future of the legal cannabis industry, visit Vangst's website.