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Last week, Vangst released its 2019 Salary Guide, a complete overview of the growth of the cannabis industry over the past year. The report includes a guide to hiring competitively in the industry, a map of legalization, and hiring trends. Here some of the main highlights.
Hiring
The cannabis industry is in a phase of constant growth and companies are forced to invariably hire new people.
According to the U.S. Department of Labor and Bureau of Labor Statistics, the average cost of a bad hire can equal 30% of that individual's annual earnings. Securing the right talent means developing a comprehensive vetting process, offering competitive compensation. Even more, work has to be done once the correct hire has taken place, in order to retain the talents on the company and generate higher employee engagement.
Map Of Legalization
Hiring Trends
Cannabis is projected to hit a job-creation rate of 110%. By 2021, the industry is expected to create 414,000 jobs in the U.S. Still, a big portion of jobs are on-demand talent or seasonal employees.
While cannabis remains federally prohibited, a lot of people like lawyers will still be reluctant to join the industry in fear of losing their licenses or similar dilemmas, generating difficulties for companies to hire top-talents on these fields.
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Industry Trends
With constant financial growth and increasing public acceptance for both adult-use and medical purposes cannabis is becoming impossible to ignore. Some key industry trends:
- 13% of Americans identify as “current users”
- CBD market is booming
- Convenience of cannabis delivery and in-store pick-up are gaining popularity
- 66% of Americans support federal legalization
- After vape-related illnesses were reported, flower consumption raised 25%
Jobs
| Cultivation Technicians: Experienced cultivation technicians that understand plant science are in high demand for businesses that value quality over quantity | Budtenders: they are the face of the business. However, budtenders have one of the highest turnover rates in cannabis | Director of Cultivation: Grow operations are looking for educated and experienced Directors of Cultivation to lead grows ranging in size from a couple hundred plants to hundreds of acres. |
| Trimmers: Machine trimmers haven’t taken over every business just yet. | Brand Ambassadors: Demand for them is on the rise as the market becomes oversaturated with new products. | Sales Reps: everything is relying on sales representatives to get their products in front of millions of consumers. |
| Packagers: Packaging automation is becoming more popular for larger operations, but for now, packagers are still necessary for many businesses. | Administrative and Corporate Roles: Established businesses are hiring for traditional corporate roles like COOs and CFOs and are building out marketing and tech teams to compete in today’s market. | Delivery Drivers: In states where cannabis delivery is legal (or soon to be legal), delivery driver opportunities are in high demand. |
Surveys
Future Of The Industry
Cannabis jobs, salaries and revenue are expected to rise in 2020. As legalization continues to expand across the U.S. and world, it’s essential for the industry to have access to valuable resources like the cannabis salary guide.
All images and charts by Vangst.
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