Marijuana Industry Projected To Create More Jobs Than Manufacturing By 2020

Posted: February 26, 2017 in Uncategorized

 

 

 

marijuana

 

Source: Forbes

Jobs. That is what the marijuana industry hopes will keep the Trump administration from cracking down on cannabis companies.

A new report from New Frontier Data projects that by 2020 the legal cannabis market will create more than a quarter of a million jobs. This is more than the expected jobs from manufacturing, utilities or even government jobs, according to the Bureau of Labor Statistics. The BLS says that by 2024 manufacturing jobs are expected to decline by 814,000, utilities will lose 47,000 jobs and government jobs will decline by 383,000. This dovetails with data that suggests the fastest-growing industries are all healthcare related.

The legal cannabis market was worth an estimated $7.2 billion in 2016 and is projected to grow at a compound annual growth rate of 17%. Medical marijuana sales are projected to grow from $4.7 billion in 2016 to $13.3 billion in 2020. Adult recreational sales are estimated to jump from $2.6 billion in 2016 to $11.2 billion by 2020.

New Frontier bases these projections on the markets that have already passed such legal initiatives and don’t include additional states that could come on board by 2020. Currently there are 25 states with some form of legalized medical marijuana and seven states have legalized recreational marijuana laws that are in various stages of being implemented.

“These numbers confirm that cannabis is a major economic driver and job-creation engine for the U.S. economy,” said Giadha Aguirre De Carcer, Founder and CEO of New Frontier Data. “While we see a potential drop in total number of U.S. jobs created in 2017, as reported by Kiplinger, as well as an overall expected drop in GDP growth, the cannabis industry continues to be a positive contributing factor to growth at a time of potential decline. We expect the cannabis industry’s growth to be slowed down to some degree in the next three to five years, however with projected total market sales to exceed $24 billion by 2025, and the possibility of almost 300,000 jobs by 2020, it remains a positive economic force in the U.S.”

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Source: Marijuana Industry Projected To Create More Jobs Than Manufacturing By 2020

Photo credit: A7nubis via Wikimedia Commons

 

Comments
  1. What does that say about our society?

    • I think what it says about US society is that Americans are extremely overworked, stressed, exploited and oppressed. Recent research suggests that most addiction is driven by trauma. Dr Gabor Mate is one of the foremost experts in this field:

  2. It’ll be interesting to see how far this jobs argument goes. Trump hasn’t seemed to respond positively to the argument that renewable energy represents a huge opportunity for businesses to make big money and create a lot of jobs.

    • Interesting point, JoAnn. It’s my impression that in contrast to renewable energy, cannabis is already a thriving cash industry bringing in millions of dollars and helping several states overcome their budget difficulties. Although Trump and his cabinet talk about tough enforcement of federal anti-cannabis laws, I wonder if they will be brave enough to go up against a burgeoning industry that’s rapidly creating jobs.

      • Already thriving industry – Good point! I’ve heard cautions to watch out that Big Pharma and Big Ag don’t take over the marijuana industry whenever it is federally legal. Any thoughts from that angle, Dr. Bramhall?

        • I think it’s always possible. Under monopoly capitalism, all industries tend to consolidate and you can’t seem to regulate that away. In the end, I think capitalism will either collapse owing to the end of cheap fossil fuel – or it will be dismantled – or a combination of both.

  3. Okay, I will admit that I am quite perplexed. How is cannabis supposed to create 300,000 jobs? By people growing and harvesting marijuana? Americans refuse to even grow and pick their own vegetables, for the most part. Remember? The ‘undocumented’ are doing that.

    And where I use to live in Minnesota, even though they legalized medical marijuana, no poor patients could afford it because of the cost. In addition to that, anyone who signed up for the medical marijuana had to fill out more forms than folks at the welfare office have to fill out.

    I am also against smoking marijuana or cannabis or whatever people want to call it because the smell is just disgusting, vile and obnoxious. I pass by plenty of people here and I am gasping at the stench. And it cannot be healthy for young toddlers and children who live in apartments to inhale that secondhand as well as inhaling secondhand cigarette smoke. Giving people the ability to smoke themselves silly and stinky is not progress in my book. And these people do indeed, stink and look silly; eyes red and half closed. It’s ridiculous. Cigarette smoke is bad enough and so now we want to add weed smoke into the bargain? Yeah, that’s progress. NOT!

    • It’s hard to say, Shelby. If you want to look at the New Frontier Data, you have to buy the book for $200. My experience in Portland Oregon, is that the medicinal cannabis products are sold as “edibles” – you don’t smoke them. A bottle of CBD oil (cannabidiol is the key ingredient effective in cancer and epilepsy – it doesn’t get you high because it contains no THC) sells for $24.99 and lasts for several months because you just take a few drops a day under your tongue. Also I’ve been to one of their retail dispensaries, and there are no papers to fill out. It sounds to me like the people of Minnesota are getting ripped off.

      My daughter’s friend was operated on brain cancer a year ago – her chemotherapy failed so she’s taking CBD oil – and is still alive despite being given only a few months to live.

      • Well, I’m glad it’s helped someone. If only those who want to use cannabis would use other forms than smoking it, I wouldn’t have a problem with it, I just hate the stench of it when it’s smoked because now there is some sort of ‘skunk weed’ out and it truly smells just like a ‘skunk’. I thought I had left ‘skunk’ odor in when I left the south, but apparently not.

  4. I can’t see that from happening. If it was cultivating butter-milk or oregano perhaps, but marijuana?

  5. Although I’m not about to shell out $200 to read the report, Gerard, I suspect they are including hemp (which is still illegal in the US) as well as marijuana. Hemp is far more versatile than marijuana and can be used to make paper, clothes, insulation (homes built out of hemp-crete last hundreds of years) and CBD oil, a highly effective cancer treatment.

  6. Alan, it really pleases me to see ordinary Americans going up against the power of the federal government on the question of marijuana and hemp legalization. Of course significant credit for this needs to go to George Soros for funding most of the state ballot initiatives for marijuana legalization. Most of his critics are totally unaware that he did at least one good thing in his life.

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