As data continues to become available as it relates to the effects of legalization of cannabis, one of the more interesting finds has been the way the job market has been affected. In a report published recently on Marijuana Business Daily, it’s stated 165,000-210,000 jobs were created in 2019 in the cannabis industry. That number is estimated to grow to 240,000-295,000 by the time 2020 comes to an end, which is slightly higher than the number of computer programmers currently employed in the United States. This is a 50% increase year over year (2019 to 2020).
Sales growth has remained steady amid this unpredictable COVID economy, however, that is subject to change as the government wrestles with the idea of extending current unemployment benefits. However, rocky economy aside, this situation won’t last forever. The truth is hard to ignore, states that have made recreational cannabis legal have experienced significant sales growth quarter after quarter as a result. This growth is fueled by demand, and demand leads to bolstered workforces.
As the report points out, currently all cannabis sales are required to happen within distinct physical locations, and not alongside other goods in traditional retail outlets, like drug or grocery stores. When looking for potential solutions to many of the job woes that are currently being experienced by the country, it’s hard to ignore the overwhelming evidence that would lead one to believe allowing this kind of arrangement could significantly bolster additional revenue to traditional outlets that are now otherwise struggling to stay above water. If a traditional retail store would be capable of selling cannabis, this would most certainly provide increased revenue for said retail outlets. And as stated previously, increased revenue can and does lead to increased bolstering of jobs to cover demand.
In this economic climate, it’s hard to see much further than the day in front of us. Things change rapidly, and those changes go on to change our outlooks, assumptions, and forecasts for what the economy is going to look like down the road. Thankfully the cannabis industry has remained stable, so far. And, while no one knows what the future holds, in the immediate or in the long term, it seems to be quite the compelling case that introducing retail cannabis legalization is doing far more to promote good and positive changes than most critics are willing to (or have been previously willing) admit.