The number of jobs in the cannabis industry is expected to increase in the coming years. According to experts in the industry, there may be up to 300,000 extra jobs coming up in weed trade. The marijuana industry is ever promising than before. This is something that had not been conceived barely 20 years ago. In 1995, no single state had legalized marijuana for any use, whether recreational or medical. Today, the story is different. A total of 28 states have legalized marijuana for both recreational and/or medical use. The explosion in weed legalization can only be explained best by the increasing public perception towards cannabis. According to the national pollster Gallup, the support for the legalization of marijuana has highly increased to 60% in 2016 compared to a 25% support that was seen in the mid-1990s.
A recent survey by CBS News poll conducted in 2015 shows that 84% of Americans who took part in the study would want to see the legalization of medical pot nationally. The more favorable the opinion of the public towards cannabis, the more states will be in a position to show that they can effectively and safely control their marijuana industry. In that case, many more states will be able to legalize weed as well. The potential in the cannabis industry growth is unbelievable. An investment organization by the name Cowen & Company reports that legal pot sales could rise from the current $6 million to $50 billion by 2026. This is a compound yearly growth rate of almost 24% over the next 10 years. However, the most exceptional growth and development of the industry can be seen in the creation of jobs for the masses.
Cannabis Jobs are ever on the increase
Reports by CNBC indicate that the cannabis industry presently employs close to 150,000 people across the United States. This is an admirable figure. Projections that were made in 1994 by Doctor Dale Geirringer from the California NORML settled on 100,000 jobs if the substance was legalized at the federal level. All that we have seen is the legalization of recreational pot in a few states. Still, medical marijuana is only legal in slightly over half of all the states in America after the 2016 November elections. Even with this progress, the target that was set by Gieringer has already been met. Again, we are only getting started. According to estimates by analysts, the cannabis job market may double or even triple in the near future. This means that there will be at least 300,000 extra marijuana-related jobs.
Ideally, the marijuana industry goes beyond merely cultivation, manufacturing and bud tending through retailing. Job opportunities are booming in marijuana delivery services, IT enabling marijuana for sale online, courier services, marketing, consulting and security. Due to the fact that cannabis has been has been locked out of the banking system, security is much needed in the industry. In essence, CNBC indicates that almost 400 students have registered for a 12-course program provided by the Northeastern Institute of Cannabis situated in Natick, Massachusetts that will potentially kick-start their profession in the marijuana industry. Just like is the case for any industry, the employment can be different, however, shop owners and managers can definitely make six figures given the right conditions.
What challenges exist for the marijuana industry?
Despite the fast growth of the cannabis industry and the promising job market, there are quite a number of hurdles that the industry needs to overcome so that it may become fully successful. Firstly, there is the issue of marijuana being classified as a schedule 1 drug at the federal level. This status is a disadvantage for the marijuana industry. Due to this, the marijuana businesses have not been allowed to participate in the national banking system and therefore, they are left to operate with all those billions on cash terms. This is somewhat a security risk that is affecting their net income at the end of the day. Should marijuana businesses be allowed to take part in the banking system, a lot of financial benefits will be realized. The issue of tax is also a big disadvantage because the federal and state governments seek to control the businesses mainly through heavy tax impositions.