Business

Cannabis is likely to be one of the fastest growing industries over the next five to 10 years. The State of the Legal Cannabis Markets report from Arcview Market Research and BDS Analytics suggests it's an industry that could see worldwide sales nearly quadruple from $10.9 billion to $40.6 billion between 2018 and 2024. Meanwhile, investment bank Stifel has a pie-in-the-sky global annual sales target of $200 billion in place in a decade.

Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Floyd Green, says the growing global market for cannabis provides the opportunity for Jamaica to become a first-choice destination for travellers who want to use medical cannabis.

Mr. Green, who was speaking at the official opening of Apollon Formularies Limited in Westmoreland on October 25, said “the fact that Jamaica is already a world-renowned hospitality and tourism destination is a guaranteed formula for a successful cannabis industry”.

Right now, around 41 million people have access to recreational marijuana that's legal at a federal level. Two countries have legalized recreational pot -- Canada and Uruguay. We can't include the millions of Americans who live in the 11 states that have legalized recreational marijuana in our total since marijuana remains illegal at the federal level in the United States.

Over the next decade, marijuana is projected to be one of the fastest growing industries. Having already more than tripled sales on a worldwide basis between 2014 and 2018 to $10.9 billion, the industry has some Wall Street forecasts calling for $50 billion, $75 billion, or even $200 billion in annual global weed sales by 2030. Figures like these are what make marijuana stocks such an attractive investment opportunity.

The cannabis industry hit a series of important milestones recently, but none bigger than Canada's becoming the first Western developed nation to legalize recreational uses of pot. The highly anticipated event had marijuana companies giddy with excitement, while investors drooled over the enticing prospects the Canadian market offered. But one year after the fact, optimism has largely subsided, as cannabis companies have not performed nearly as well as expected.

It's harvest season for California's largest cash crop - marijuana. Valued at more than $11 billion, it's worth more than the states grape and almond industries combined. California grows more pot than any place in the country.

Three years ago, voters approved a ballot measure called Prop 64 in California. It made marijuana legal for anyone over the age of 21. Advocates said a regulated pot industry would push out the black market and generate more than a half billion dollars a year for the state.

So has it worked? Not quite. 

VAUGHAN, Ont. -- CannTrust Holdings Inc. says John Kaden has resigned as a member of the cannabis company's board of directors.

The company says Kaden stepped down to focus on his role as co-founder, managing partner, and chief investment officer of Navy Capital Green Management LLC.

CannTrust has been under fire since it disclosed in July that Health Canada had discovered illicit cultivation in unlicensed rooms at its Pelham, Ont., greenhouse.

As more consumers begin to use marijuana products, e-commerce is becoming a more viable option for the cannabis industry. In recent decades, the retail sector has changed dramatically. 

Cannabis commercialization

However, the transition to a digital business is not as simple as it seems for certain sectors. Specifically, the cannabis industry has faced numerous legal barriers. Which has prevented it from expanding into the digital market.

The cannabis market is one of the fastest-growing markets. By the end of 2025, Grand View Research estimates that the global legal cannabis market will grow to $66.3 billion. Its increasing legalization and use in the medical field, as well as recreational applications, are some reasons driving its growth.

As the cannabis industry begins to heat up, companies are beginning to aggressively seek employees to fill positions.

Nearly two decades ago, cannabis was reintroduced into US states such as California, Oregon, Alaska, and Washington. Since then, states like Michigan and Illinois decided to legalise adult-use of cannabis leading to an increase in cannabis jobs.

The rapid expansion of the market is creating a large influx of jobs in America. According to a report by Glassdoor, there were a total of 1,512 cannabis jobs open in December 2018, increasing by 76% compared to the same period a year ago.

Cannabis jobs

ZipRecruiter highlighted that in 2017 the number of cannabis industry jobs grew by 445%, outpacing both the technology (254%) and healthcare (70%) industries. Furthermore, following the legalisation of hemp-derived CBD products, industry experts noted that the job demand continued to grow.

HempStaff, a hemp and cannabis recruiting firm, mentioned in March that 80% of its job listings are for upper-level positions such as Chief Financial Officers and accounting managers. However, HempStaff Chief Executive Officer James Yagielo also noted that as hemp factories begin to ramp up production rates, companies will need “factory line people, machinists and other types of workers.”

Additionally, positions such as accountants, lawyers, IT specialists, financial experts, researchers, and lab technicians are also in high demand. Glassdoor noted that brand ambassadors and sales associates each accounted for 5% of total cannabis job openings in 2018, which represented the largest shares for individual positions.

On the other hand, the overall professional and technical jobs accounted for 53% of the job openings. Glassdoor also mentioned that the discrepancy is largely due to the wide range of available positions.

A growing industry

However, as the industry continues to develop, various job positions are expected to see larger demand as businesses strive to comply with regulatory matters. As a result of the growing workforce, Fortune Business Insights projects that the global cannabis industry will grow from USD 10.6 Billion in 2018 to USD 97.35 Billion by the end of 2026.

Additionally, the market is anticipated to grow at a CAGR of 32.6% during the forecast period.

In March, Leafly reported that jobs for the legal marijuana industry totaled 211,000 full-time workers, with 64,389 of them being hired in 2018 alone. While the data does not include employment statistics after the passage of the US Farm Bill, Leafly Deputy Editor Bruce Barcott said jobs in both industries should be comparable.

Joy Beckerman, President of the Hemp Industries Association, says that jobs for the hemp industry will dwarf the marijuana industry. Specifically, many companies are looking for employees in the hemp industry because of the looser regulations for the plant. Now, notable companies such as Amazon, CVS, and Walgreens all sell hemp-derived CBD products nationwide.

At the large scale that these companies operate at, wholesale bulks of product are often required in order to meet consumer demands. Therefore, jobs such as cultivators, packagers, testers, and deliverers are set to be in high demand. “Job creation is going to happen in every economic bracket,” said Erica McBride Stark, Executive Director of the National Hemp Association, according to CNBC.

“The hemp industry will create high-skilled management jobs, labour-type jobs and everything in between,” Stark said. “It’s going to touch all of society.”