In 2022, the U.S. marijuana industry will exceed the $30 billion mark and provide 340000 marijuana related jobs
The marijuana market led by the United States has developed in full swing since the full legalization of industrial marijuana in 2018. Especially in 2020, the unprecedented acceleration of the legalization of medical marijuana and recreational marijuana has further stimulated the consumption level of the American Marijuana market and attracted more capital to invest in the American Marijuana market, forming a good virtuous circle of development.
Recently, headset, a famous research company, released its latest report, pointing out that by 2022, the sales of marijuana in the United States may exceed the $30 billion mark, becoming the most significant growth year in the history of the American Marijuana industry.
Headset is a well-known cannabis analysis organization headquartered in Seattle, the United States. In its detailed report, it shows that with the upsurge of legalization of medical marijuana and recreational marijuana in American States and regions, the American cannabis industry will increase from US $18.5 billion to US $23.6 billion, an increase of 27.7%. By the end of 2021, this figure is expected to reach 29.3% and increase to $30.5 billion by 2022, far exceeding the growth rate of other industries.
The report points out that due to the dual help of the rapidly developing adult marijuana market in Connecticut, New Jersey, New York and New Mexico and the booming medical marijuana market in Alabama, the chief data analyst of headset believes that in the future, with the increase of new legal states and regions, it will further promote the development of the marijuana industry, And lay the foundation for the American Marijuana market. Another forecast indicates that with the establishment of more and more marijuana legalization areas, the expectation of 2022 is likely to be exceeded.
Meanwhile, the report shows that fried dough twist is the most important hemp product in the US hemp market, accounting for 47% of the market share, followed by electronic cigarette and inhalation products, accounting for 22%, and 10% of the food concentrated food and cannabis pre food. Compared with these products, sublingual impregnated beverages, tinctures, capsules and topical drugs account for less than 4% of the industry.
Headset also predicted that the Canadian marijuana industry will reach $5.6 billion by 2022. The growth rate will be twice that expected in the United States, which means 2022 is a good year for the North American Marijuana market. At the same time, not only in North America, but also with the spread of global legalization of marijuana, other countries will also have a chain reaction. In addition to legalizing medical marijuana as much as possible, they have to reconsider the position of marijuana, and are actively decriminalizing marijuana and setting up income generating projects.
In addition, in 2022, the cannabis industry will create 340000 full-time jobs. At present, the marijuana industry has employed 125000 to 160000 full-time staff. Analysts estimate that the job market will more than double at an annual rate of 21% in the next five years. Sectors that are expected to benefit most from the growth include jobs that work directly with cannabis companies, such as bidders, sellers, growers and formulators. At the same time, there will also be an increase in the number of jobs in supporting companies such as accountants and security guards.
At present, the number of employees in the legal marijuana industry is three times that in the coal industry. In addition, the number of full-time cannabis workers in the United States is roughly the same as that of kindergarten teachers and librarians. Most marijuana jobs are provided by small businesses with only a few employees. But the report also points out that large marijuana companies with millions of dollars will begin to grow and create a niche market for themselves over time. The marijuana industry is currently dominated by a large proportion of seasonal or part-time employees, such as those engaged in bidding or pruning. Therefore, the increase of a stable full-time job market is good news for job seekers.
According to the report of recruitment website zipprecruiter, from the last quarter of 2016 to the last quarter of 2017, the recruitment of marijuana increased significantly by 693%. Most jobs are in California, Washington and Colorado. The legal marijuana market is so attractive because they offer competitive salaries and a variety of jobs. This can be compared with the attraction of Silicon Valley start-ups. At that time, most people were attracted by the prospect of working in an emerging industry, and it can also help start-up companies build the foundation.
Another interesting news is that investors plan to inject twice as much money into the legal marijuana industry this year. The average investment amount of marijuana investors is usually about $750000, but the data predict that these figures will reach $2 million once traders decide how to make the best investment in the industry. Many growth conscious product companies are adopting aggressive expansion strategies to bring their brands into new markets through licensing agreements and partnerships. For subsidiaries serving the cannabis industry, the rapid growth in this field means a significant increase in revenue from cannabis related products and services.
Industry experts believe that the legal marijuana industry will continue to grow, so we won’t be surprised if we see these figures exceed our initial expectations. According to a report from the Canadian marijuana work website, marijuana cultivation will become the largest cash cow. If you are good at gardening, this may be your chance to make a lot of money. According to the report, the annual income of planting varies from $81000 to $103000. Considering that $51000 is the national average wage in Canada, this is a huge figure.
Other marijuana jobs requiring high wages include store and pharmacy managers, sales representatives, food chefs and pharmacy owners. The good news is that for people who have never received formal marijuana training, marijuana education schools and courses are also increasing.
Therefore, the future we are talking about today will be possible and even more beyond. With the continuous increase of marijuana sales, more favorable legislative policies for the marijuana industry will also emerge. Starting from the United States, preparations have been made for the future development of the marijuana industry, and other countries are bound to catch up.
At that time, we will have a world that is more receptive to marijuana and more capable of scientific understanding and use of marijuana. Although the United States is still saying no to marijuana at the federal level, before many changes, the United States is also moving towards the goal of $30 billion in 2022, and the process of global marijuana legalization is also moving forward steadily
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