Chief executive officers leading U.S.-based multi-state cannabis operators have surpassed the $500,000 base salary threshold in 2024 with annual median salaries topping $511,600 and representing a nearly 8% year-over-year increase. That's roughly seven times what mid-level managers in the industry make, according to CannabizTeam Worldwide's 2024 Cannabis Industry Salary Guide.
Liesl Bernard, founder & CEO of CannabizTeam, is optimistic 2024 will bring a "wave of hiring and investment both locally and internationally," following 2023 that " presented unforeseen challenges, including economic uncertainties that prompted adjustments in workforce strategies."
Bernard has attended previous Benzinga Cannabis Capital Conferences where she discussed ways to enhance and sustain cannabis companies where, along with other top entrepreneurs and executives, she delved into the critical role of human capital management in the cannabis sector. Bernard introduced the concept of “hybrid staffing” as a cost-effective hiring strategy, involving temporary positions and fractional executives for specialized roles.
The Benzinga Cannabis Capital Conference is returning to Florida in a new venue in Hollywood, on April 16 and 17.2024.
Interestingly, Bernard's statement and latest CannabizTeam’s findings are in line with recently published Vangst's Cannabis Salary Guide. Vangst founder and CEO Karson Humiston also stressed that 2024 will be a turning point in the cannabis jobs landscape.
"We expect 2024 to mark a return to hiring and investment in our industry's greatest asset: our people," Humiston said. "Talent and expertise are more valued than ever before."
See also: EXCLUSIVE: 108,000 New Cannabis Jobs Predicted For US In 2023, Strongest Markets Revealed
CannabizTeam's report noted that the cannabis industry is projected to have nearly 800 000 jobs by 2028, with the most popular positions ranging from dispensary general manager in the category of direct hire positions; cultivation technician in the category of temp jobs and the role of chief finance officer in the category of fractional executives.
The report indicated that a surge in talent was seen mostly from food and beverage, pharmaceutical, agriculture, wellness/CPF and retail sectors featuring some of the top names such as Heineken, Pfizer, Walmart and Amazon, to name a few.
According to CannabizTeam's report, which is based on proprietary salary data collected through the end of fourth quarter 2023, salary surveys and independent research, the following median annual salaries represent the top-end and lowest range for each role across more than 70 prevalent cannabis positions in the US.
Top Five Salaries In The Cannabis Industry
- Chief Executive Officer (administration, legal, HR and compliance): $ $511,600
- Chief Financial Officer (accounting and finance): $406,000
- VP of Cultivation (cultivation): $287,800
- Chief Scientific Officer (testing): $262,700
- Chief Revenue Officer (sales): $260,950
Bottom Five Salaries For Management Roles
- Extraction Technician (extraction): $62,150
- Driver (distribution): $43,300
- Budtender (retail): $43,400
- Brand Ambassador: (sales) $39,550
- Trimmer (cultivation): $37,200
Top Five Largest Year-Over-Year Salary Increases
- VP of Marketing at single state operators (marketing): 13.72%
- VP of Sales at single-state operators (sales): 9.69%
- Chief Revenue Officer at single-state operators (sales): 9.41%
- Chief Executive Officer at multi-state operators (administration, legal, HR and compliance): 7.73%
- Corporate Controller at single state operators (accounting and finance): 7.44%
Now read: Need A Change Of Pace? How About A Job In The Cannabis Industry? New Report Has The Lowdown
The Benzinga Cannabis Capital Conference is returning to Florida in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort is a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!