One of the biggest reasons the Trump administration should proceed with caution when it considers clamping down on the cannabis industry is that it has become legitimate. Providing jobs to 100,000 to 150,000 people, cannabis employment is a force to reckon with.
Cannabis employment could replace lost jobs
Forbes investigated the facts behind the cannabis employment boom. Is the industry creating jobs at a faster rate than others? The Bureau of Labor Statistics (BLS) predicts an 814,000 decline in manufacturing jobs. Utilities will lose 47,000 jobs and government will shed 383,000 employees by 2024. The fastest growing industries are healthcare-related.
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End of an age
Let’s face it, we have waved bye-bye to the industrial age, and have entered a new age. We are not sure what to call yet, but it doesn’t entail factories in America competing with China. New Frontier Data CEO, Giadha Aguirre De Carcer, says cannabis is therefore a crucial economic driving force and a big job creator in the US economy.
Great growth – even in hard times
The cannabis industry contributes positive growth in times of economic decline. It could very well be employing 300,000 people by 2020. Of course, the growth might slow down in the next few years, but projections predict sales in excess of $24 billion by 2025.
Estimates show the medical marijuana industry growing from $4.7 billion last year, to $13.3 billion in 2020. Meanwhile, recreational sales are expected to rise from $2.6 billion to $11.2 billion over the next three years. Cannabis employment will grow with that.
These projections by New Frontier are based on already legal markets in 25 states. They include states with some form of legal medical marijuana and the seven states that have approved recreational use. However, the figures do not incorporate possible states that could join the trend by 2020.
Tertiary training for cannabis employment
Dale Sky Jones, Executive Chancellor of Oaksterdam University in California, one of the only institutions providing courses in marijuana industry training, comments on a unanimous decision by a US appeals court that federal government cannot prosecute those growing and distributing medical marijuana. At least, not if they are complying with state law.
He says this ruling applies to states in the 9th Circuit but should influence other circuits nationwide. He is positive that more people will be comfortable about a career in the cannabis industry after this ruling.
Employees in cannabis industry are happy
Most people employed in the cannabis industry say they enjoy their jobs. The alternative culture appeals to many who have no interest in the corporate world. The industry entices professionals looking for new challenges and opportunities in a different working environment.
Mark Lustig, Chief Executive Officer of CannaRoyalty, says state governments and programs created exceptional job opportunities. There’s great business potential for entrepreneurs, plenty of competition, and lots of room for growth.
Politicians take note
In times of economic decline, the cannabis industry offers real growth and hope. It’s also contributing to the economy right now. As a president with a strong job-creation platform, Trump should not overlook the jobs potential in cannabis employment.