The labor market is definitely germinating a chronic change…
Move over high-tech employment opportunities – forget construction and manufacturing jobs – according to an annual report from New Frontier data, by 2020 the legal marijuana industry will cultivate more than 250,000 jobs in the United States.
Representing great news for the underemployed 420-fans and would-be cannabis capitalists, by the time we vote for our next POTUS, America’s flourishing legal marijuana market is projected to generate approximately $13.3 billion in new economic activity. Spawning approximately $7.2 billion in 2016, the legal U.S. marijuana industry is anticipated to bulk up by a compounded annual growth rate of 17%.
Comparatively smoking the other traditional U.S. employment sectors, the creation of these 250,000+ new jobs reveals the simple fact that America’s fast-growing legal marijuana industry is expected to flourish in the near future. Generating greater employment opportunities than most sectors combined, according to statistics found on the Bureau of Labor Statistics (BLS), the legal marijuana industry will create more high-paying jobs than state and local governments, manufacturing and agriculture.
A new paradigm of employment for all, the growth of medical marijuana as an industry – projected to hit $13.3 billion in 2020 – coincides nicely with the BLS statistics that suggests the fastest growing employment sectors are predominantly related to healthcare.
For their annual study of the Industry, New Frontier formulated their predictions based on analysis provided by the Marijuana Policy Group (MPG). Grounded in projections from markets that have already puff, puff, passed some type of marijuana reform, New Frontier’s conclusion intentionally discount those states anticipated to legalize both recreational and medicinal marijuana by 2020.
According to data provided by the annual New Frontier report, here are the projected top 5 states for both recreational and medicinal marijuana sales in 2020:
- California – $5,619,731,479
- Washington – $1,975,339,960
- Colorado – $1,762,965, 533
- Massachusetts – $1,015,456,862
- Oregon – $953,802,240
Photo courtesy of Allie Beckett