“America’s legal cannabis industry created nearly 23,000 new jobs in 2023,” but Massachusetts reportedly lost nearly a thousand jobs.
According to the 2024 Vangst Jobs Report, 440,445 full-time equivalent jobs are supported by legal cannabis.
“That job total represents a 5.4% year-over-year increase,” per the new study. “America’s legal cannabis industry added 22,952 new jobs over the past twelve months—a sign that the business climate has begun to stabilize somewhat nationally after the turmoil of the past two years.”
The report also finds: “Nationwide, annual cannabis sales increased to $28.8 billion in 2023, a 10.3% rise over 2022’s sales. That figure includes all state-regulated medical and adult-use sales, but does not include hemp-derived products.”
And despite some market tumult across states, Vangst reports “there are bright spots on the horizon.” “After an alarming revenue decline, mature markets like Colorado should find a solid landing point and settle into their natural equilibrium over the next 12 to 24 months. Slow-growing markets like New York will continue to expand, and the newly legal Ohio market should open its first retail stores by the end of the year.
“Meanwhile, lower interest rates in the second half of 2024 are expected to open up the lending window and provide more cash for thriving companies to expand and add needed staff.”
As for how Massachusetts fared, the report found 27,407 jobs in the commonwealth as of March 2024, the fifth most of any state, which represents a 3% loss—963 jobs—since March 2023.
You can access and download the full report here.
