Jobs of the Future Will Come From the Marijuana Industry, Not Manufacturing
A new report shows the marijuana industry is poised to have a major economic impact.
A new report highlights just how much of a transformational economic effect the spreading legalization of marijuana can have on the country. New Frontier Data’s annual overview of the cannabis industry found that the legal weed market will create close to 300,000 jobs by 2020.
By contrast, the manufacturing industry was projected by the Bureau of Labor Statistics to lose 814,000 jobs by 2024. Of course, the new White House administration pledged to bring back manufacturing jobs and it remains to be seen how Trump’s leadership will impact the trend. The Trump team also indicated a possible federal crackdown on marijuana, something that is at odds with its “states rights” position on other issues and also clashes with the data.
As reported in Forbes magazine, not only legal marijuana will create jobs, the market for legal cannabis, currently estimated at $7.2 billion, is projected to grow at a 17% annual rate. Considering only the states that already have passed marijuana legislations, adult recreational sales will hit $11.2 billion by 2020, while medical marijuana sales will be at $13.3 billion. And of course any new states that legalize pot would only add to the sales figures.
“These numbers confirm that cannabis is a major economic driver and job-creation engine for the U.S. economy,” said Giadha Aguirre De Carcer, the Founder and CEO of New Frontier Data.
She noted that while other industries are struggling and shedding jobs, the marijuana industry is seeing a reverse trend.
The data analyzed by New Frontier was based on the economic analysis done for the state of Colorado.
Currently, according to surveys, there are an estimated 100,000 to 150,000 workers involved in the cannabis industry directly and 90,000 in related businesses.
A big challenge to the growth of the industry has been the legal duality of marijuana between state and federal laws. People have been afraid of the feds even while working in state-legalized weed facilities and companies. While it continues to remain a schedule 1 drug under federal law, marijuana has seen some support from the courts, with a U.S. appeals court saying that as long as you comply with state laws, you cannot be prosecuted by the government.
Cover photo: Tyler Williams of Blanchester, Ohio selects marijuana strains to purchase at the 3-D Denver Discrete Dispensary on January 1, 2014 in Denver, Colorado. Legalization of recreational marijuana sales in the state went into effect at 8am that morning. (Photo by Theo Stroomer/Getty Images)
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.
Is it "perverseness," the "death drive," or something else?
She met mere mortals with and without the Vatican's approval.
- For centuries, the Virgin Mary has appeared to the faithful, requesting devotion and promising comfort.
- These maps show the geography of Marian apparitions – the handful approved by the Vatican, and many others.
- Historically, Europe is where most apparitions have been reported, but the U.S. is pretty fertile ground too.
It's up to us humans to re-humanize our world. An economy that prioritizes growth and profits over humanity has led to digital platforms that "strip the topsoil" of human behavior, whole industries, and the planet, giving less and less back. And only we can save us.
- It's an all-hands-on-deck moment in the arc of civilization.
- Everyone has a choice: Do you want to try to earn enough money to insulate yourself from the world you're creating— or do you want to make the world a place you don't have to insulate yourself from?
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.