Growth of the Cannabis Industry in the United States
As a former wild child, I can attest to the amazing benefits of cannabis and I am glad that the industry is booming! The following is a report from my friend, who is a business analyst.
The cannabis industry is booming at an all-time high, even though many other sectors are strugglingly considerable with current economic conditions.
Marijuana cultivation facilities and dispensaries were rated as essential service platforms by several states in the first phase of the coronavirus pandemic. It became apparent to many restaurant businesses that cannabis would be the best pivot to make use of their facilities. With steady support from the government, this industry has grown consistently during the pandemic. Tens of thousands of jobs were added to this industry in 2020, nearly double that of the previous year.
Approximately 321,000 Americans work in the cannabis industry right now, and reports show a 32% rise within one year. With these rates, legal marijuana has become the fastest-growing business sector in the nation. The country even has more legal workers in the cannabis sector than those in the engineering and medical fields.
Many retail workers were also laid off during lockdown. There is no doubt that many were triggered to reassess their jobs during the pandemic and proceed to make efforts to reshape their work lives. There was a record-high number of people switching away from the retail industry to look for other more stable work opportunities during the crisis. Many found themselves switching to the cannabis industry.
The lucrative opportunities in the cannabis industry are attracting more entry-level workers, as they are receiving great opportunities for promotions as well.
Governments in different states are working towards the legalization of marijuana. California allowed the use of medical marijuana 25 years ago. And now, almost 37 US states now allow medical use of cannabis, with many others working in this direction. This is the main driver behind the rising popularity of marijuana, further contributing to the incredible rise in business.
Legal cannabis sales have grown by almost 60% in the previous year with an estimated amount of $19 billion. Sales are expected to grow up to $41 billion by the end of 2025.
The cannabis industry is now experiencing tremendous pressure with its retail chain. The limited 10-hour shifts are now being extended to 12 to 13 hours. The dispensaries and retail stores have even started hiring more people to serve the rising number of customers via online and offline platforms. Industry experts are making consistent efforts to develop favorable working conditions so that they can attract high-performing employees, which can potentially help them to sell marijuana products to different parts of the world.
In order to ensure adequate working conditions in the marijuana industry, Cannabis Security Plans are more important than ever in order to safeguard the employees and products from harm or theft. Employers are also making efforts to train new workers to handle workloads and specific roles in the company. Furthermore, the high-performing employees are also being promoted to higher profiles with better salary offers.
With all the positive market conditions and favorable returns, the marijuana industry in the United States is expected to become a global leader within very little time.
Cannabis Compliant Security Solutions