In a first since states began legalizing marijuana, cannabis industry employment declined in 2022, a report shows.
Total job numbers slid by 2% since the beginning of 2022, according to research by Denver-based industry recruitment platform Vangst.
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The cannabis industry had 417,493 full-time equivalent (FTE) jobs as of February 2023, Vangst’s “2023 Jobs Report” notes.
That’s down from 428,059 FTEs in 2022.
The report – created in conjunction with Bruce Barcott and economist Beau Whitney – attributes the declines to:
Inflation. High interest rates. Wholesale cannabis price compression. Declining demand for cannabis in some markets after the COVID-19 pandemic. Unenthusiastic investors.
“Go-go investment in business expansion, with a goal of capturing market share, has given way to a focus on bottom-line sustainability – and to bringing payroll costs in line with actual revenue,” the report authors wrote.
The report also highlights that:
States
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