State of Cannabis Employment: A Deep Dive into the 2024 Jobs Report
Karson Humiston discuss the release of the Vangst annual cannabis industry 2024 jobs report with Bruce Barcott, a seasoned writer in the cannabis space, and Beau Whitney, the chief economist at Whitney Economics. The trio share insights into the current state of cannabis employment.
They begin with a sense of optimism as they reveal that the industry has bounced back from a challenging period, adding almost 23,000 new jobs, bringing the total to 440,145 full-time equivalent positions as of early 2024. This marks a 5% year-over-year increase, driven by a national revenue increase of about 10%. However, they note that not all states have experienced growth, with some leading the way in job opportunities.
Michigan, Missouri, and New Jersey are highlighted as the top three states for job additions, with Michigan adding over 11,000 jobs. Karson discusses the factors contributing to Michigan's growth, including lower product prices, increased legal market participation, and cannabis tourism from neighboring states like Ohio.
Conversely, the episode also addresses the job losses in established markets such as California, Colorado, and Washington, attributing the decline to various challenges including profitability issues, oversupply, and changes in consumer behavior. The conversation touches on the need for state regulators to adapt their policies to support the health of cannabis businesses, not just focus on public safety.
Looking ahead to 2024, the Karson predicts job growth in Ohio, New York, New Jersey, and Maryland, driven by new licenses and market maturation. They express concern for mature markets like Colorado, where businesses are struggling, and emphasize the importance of federal and state-level reforms to ensure the industry's sustainability.
The episode concludes with their predictions for the 2025 jobs report, expressing optimism for continued growth, especially with potential federal reforms and international developments like Germany's move towards legalization. They encourage listeners to download and share the report to raise awareness of the job creation potential of the cannabis industry.
Listeners can download the full 2024 jobs report at Vangst.com and use it to advocate for the cannabis industry's job creation potential. We encourage sharing the report with friends, employees, and politicians to support the industry's growth toward the goal of one million U.S. jobs. https://www.vangst.com/2024-jobs-report
Timestamps
00:00:00 - Introduction and Annual Jobs Report Release
00:00:49 - Positive Growth in Cannabis Jobs
00:02:20 - Significant Job Increases in Specific States
00:04:47 - Michigan's Surprising Job Growth
00:05:46 - Factors Contributing to Michigan's Job Increase
00:06:41 - Predictions for Job Growth in Ohio
00:07:20 - Potential Impact of Ohio's Market on Michigan
00:08:28 - States Expected to Add Jobs in 2024
00:10:43 - Maryland's License Increase and Job Growth
00:11:33 - States That Lost Jobs in 2023
00:12:36 - California's Job Loss and Industry Struggles
00:13:47 - Economic Challenges in the Cannabis Industry
00:15:54 - Delinquent Payments in the Cannabis Industry
00:16:05 - Comparing Bad Debt Ratios
00:17:30 - The Decline of Colorado's Cannabis Job Market
00:18:28 - Future Predictions for Cannabis Job Growth
00:19:44 - The Role of Re
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