Cannabis Industry Delivers 100000+ Jobs And Billions In Tax Revenue
Jobs are growing in the cannabis sector and the so are the businesses offering them.
125,000-160,000 people work full-time in the legal marijuana industry according to Chris Walsh, industry analyst and Editorial Vice President of MJBizDaily. That includes growers, processors, sellers and those that service and supply those companies. There are more marijuana sector employees than librarians or kindergarten teachers in the United States Walsh said.
30 states plus DC allow medical or recreational cannabis that contains the psychoactive ingredient THC. Adding the states like Texas that have some sort of CBD-only medical marijuana laws, brings the number into the mid-40’s said Garrett Rudolph editor of industry business magazine Marijuana Venture.
The legal cannabis industry is still comprised mostly of small businesses bound geographically by state lines, but some larger players are emerging. Four cannabis-related companies in the US and Canada recently merged under the company name TILT, which expects to have revenue of $70 million in 2018. Separately, the companies had previously raised over $150 million in capital and securities. TILT will aim to share data, best practices and financing among the companies which include grow operators, financial advisors and consultants, as well as makers of dispensary operations software, customer loyalty software, and cultivation supplies.
Other companies have been quietly growing as well. PalliaTech is a Massachusetts-based holding company with controlling investments in cannabis growing, processing and selling operations in eleven states. The company, including Curaleaf a patient-facing subsidiary brand, currently employs 575 people.
iAnthus Capital, which operates licensed cannabis cultivators, processors and dispensaries in New York, Massachusetts, Vermont and Florida recently received a $50 million investment from Gotham Green Partners.
Acreage Holding operates