Why You Should Explore a Career in Cannabis
Thinking of working in the world of legal cannabis? The industry is growing, giving you opportunities for career growth.
Recreational use of cannabis is now legal in 11 states and the District of Columbia, and medical cannabis is legal in 33 states. As cannabis products like edibles and oils are increasingly in demand, the industry will only continue to grow. More states are likely to legalize all uses of cannabis, increasing ancillary services and dispensaries across the country.
If you are entering into what you hope will be a new career season, or considering transitioning into a cannabis career, there could be many benefits ahead of you. Before we delve into the benefits, it is important to note that this is not an industry for those who want an unchanging focus on a long-term strategy, nor those who have ever uttered “that was not in my job description.” This industry requires adaptability, flexibility, advocacy, multi-hat wearing, and herding of cats. If this evokes a sense of excitement versus dread, you could have the potential to make a comfortable living and take advantage of the thousands of jobs opening each year in the industry.
Here are a few more enticing reasons you should explore a career in cannabis.
The cannabis industry is a leader in growth
According to Leafly’s annual Cannabis Jobs Report, as of January 2020, there were 243,700 full-time jobs supported by legal cannabis. Why is that significant? Because the number increased by 15% from last year. There were 33,700 new jobs created within the cannabis world in the last year, meaning this is the fastest growing industry in the U.S.
While this is exciting and promising, it should be noted that most roles at all levels within cannabis will require a step back when it comes to base compensation. While these companies value strong talent and tend to be more open to strategic risk, they are also highly conservative when managing their capital and cash burn.
A cannabis career can be lucrative for those within the more senior ranks. Particularly for those who are willing to set sights on the longer-term pay-out, step away from a traditional sector, and look for opportunities to translate their skills into this fast-moving industry.
Executive level talent, specifically COOs or CFOs, can make over $250,000, in base plus bonuses, equity, and strong benefits within the more well-established plant-touching organizations.
However, plant-touching businesses are only one piece of the ecosystem. There are multiple B2B ancillary non-plant touching businesses such as biotech, biopharma, biosciences, payroll companies, and marketing agencies, to name a few. The equity component often appeals to individuals moving into cannabis from CPG or Agriculture, because they have an opportunity for wealth creation if/when a company goes public.
Opportunities to grow
Industry growth is far from over. Reports show that COVID has increased demand, and it is estimated that the industry will be worth $30 billion by 2025 after seeing a compound annual growth rate (CAGR) of 14%. It is predicted that adult use, or recreational use, will be the fastest growing segment of the market by 2027. And more states are likely to make recreational cannabis use legal.
With all of this growth, more executive-level positions will be created within the plant-touching and ancillary sides of cannabis. Consultants will be in higher demand. Like any field, once you are working in the cannabis industry, you have many opportunities to scale up or explore different positions and assess what fits.
Great employee benefits
The cannabis industry has been found to offer some of the best benefits to workers. According to ForceBrands’ 2019 CPG Talent Market Report, the cannabis industry offers employees more leave time than any other sector in the consumer packaged goods (CPG) industry:
Average 12.5 weeks of maternity leave
Average 10.7 weeks of paternity leave
Average 10 weeks of family leave
These numbers are nearly double what is offered within the wine and spirits industry.
Additionally, we have found that cannabis businesses offer the best raise averages, a more progressive culture, and greater remote work flexibility. Many of these young companies offer 14% annual raises, which is significant compared to the 3% national average.
Pair these benefits with a comfortable salary, and you could be thanking your lucky stars you made the leap.
There is a need for more employees
As the industry continues to soar, it has been a challenge for companies to fill open positions. Many of the jobs are for highly skilled workers, including executive-level, marketing, and sales. By getting into the industry now and investing in the training and qualifications these positions require, you will be entering a very large market, and your skills could be in high demand.
A wide array of jobs are available in the ever-growing cannabis industry. These are just a few of the many reasons why you should explore shifting your career to this market. Your horizons will be expanded. You will be challenging yourself to get out of your comfort zone in a fast-moving burgeoning frontier, and will find yourself in an industry that will call upon you to bring both your heart and mind.
Looking for a new career? Struggling to make the transition? Drive Talent can help. We are a woman-owned, Chicago-based, recruitment firm, and specialize in executive-level as well as sales and marketing professionals.
Contact Drive Talent to learn more about our services.