Need A Change Of Pace? How About A Job In The Cannabis Industry? New Report Has The Lowdown

Vangst, a leading cannabis industry staffing platform, released a new report, '2022 Cannabis Industry Salary Guide,' which highlights 2022 weed salaries and the diversity trends in the industry, including employee benefits trends as well as industry predictions for 2023.

"This year we saw salaries increase across the board, companies continue to offer competitive benefits, and employees hit new milestones in their careers," said Karson Humiston, Vangst CEO & founder.

The guide, with more than 2,500 survey participants, includes salary information for more than 60 positions spanning even industry verticals.

Guide Trending Topics

Macroeconomics & the industry: "MSOs (...) made aggressive staff cuts in 2022, and some analysts expect that trend to continue into 2023."

Social Equity: According to Vangst's most recent survey data, "less than 30% of the industry is made up of people who identify as Black or Brown. That number is lower than the results of our 2020 survey, so a lot of work remains to be done for equity within the industry."

Consolidation: Minorities affected by the War on Drugs "aren’t the only ones feeling squeezed out of the regulated cannabis industry (...) Large, well-funded multistate operators (MSOs) are moving into newly legal states and snapping up independent shops and small local chains in more established markets."

Wholesale Prices: On Sept. 30, wholesale flower prices hit an all-time low in legacy states like California, Colorado and Washington, according to Cannabis Benchmarks’ U.S. Cannabis Spot Index. "That means sellers were losing $25 per pound in those states." 

Salary Takeaways

“As the cannabis industry expands from coastal and metropolitan areas with higher costs of living, salaries in the sector are seeing some fluctuation,” reads the guide.

Also, as more states open up medical and/or recreational programs, continual variations may emerge, such as:

  • The roles with the biggest reported positive change in salaries year-over-year were Brand Managers and Edible Specialists.
  • The biggest reported negative change in salaries year-over-year were Directors of Cultivation and VPs of Operations.
  • Compared to mainstream-non-cannabis-industry roles of the same position, the roles that reportedly pay higher within cannabis are Budtenders, HR Generalists, and Customer Support Specialists / Agents.
  • Alternatively, roles whose positions within the cannabis industry reportedly pay lower than their mainstream counterparts are VPs of Manufacturing, VP of Marketing, and Controllers.

Regarding the Guide's 2023 predictions, professional development will become a bigger focus for job-seekers. "We’re seeing more and more cannabis professionals entering the industry or looking to make positive strides upward in their careers, that education is a common theme that continues to gain traction throughout the industry." 

The Benzinga Cannabis Capital Conference Is Back!

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A start, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now as prices will go up soon.

Image Credits: geralt and Kindel Media by Pixabay Edited By Benzinga

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsMarkets2022 Salary Guidecannabis industryCannabis SalariesKarson HumistonVangst
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!