Cannabis industry talent shortage drives salary increases and influx of new talent from outside industries. In the release of their latest Salary Guide – the world’s largest cannabis-focused executive search and staffing firm, CannabizTeam, shows double-digit compensation increases for executives. Could this be good news for cannabi investors?
SAN DIEGO, May 12, 2021 /PRNewswire/ — CannabizTeam, the world’s largest cannabis-focused executive search and staffing firm, today announced the release of its latest Cannabis Industry Salary Guide for Q2 2021. This is the third edition of CannabizTeam’s national Salary Guide, created to help clients and prospective cannabis employees understand real-time changes in the dynamic cannabis industry and make informed business decisions. The in-depth report covers hot jobs and hiring trends in the U.S. cannabis industry, top states for cannabis jobs in 2020 and national salary ranges for more than 60 popular cannabis positions covering 36 states.
According to data from Leafly, the U.S. cannabis industry currently supports 321,000 full-time cannabis jobs, a remarkable 32% increase from a record number of jobs in 2020. With adult-use cannabis now legalized in 17 states and counting, the industry is poised to support 500,000 full-time jobs and top $35 billion in annual sales in the U.S. by 2024.
“The cannabis industry proved its strength and resiliency in 2020 and enters 2021 as the fastest-growing industry in the United States,” said Liesl Bernard, CEO of CannabizTeam. “With so much hiring, growth and investment activity, we’re seeing a red hot cannabis job market at the start of Q2 2021. The future is bright, and we look forward to our continued role in connecting exceptional talent with the cannabis industry’s leading companies.”
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A few highlights from the Q2 2021 report:
- Cannabis salaries are up across the board with increased demand driving double-digit increases in compensation for experienced managers and C-suite executives. Salaries continue to increase above cost of living index due to competition and a shortage of employees with specialized cannabis experience or specific transferable skills.
- Larger multi-state operators are increasingly recruiting from outside of the cannabis industry, bringing in talent from some of the country’s largest companies including Pfizer, John Deere, Proctor and Gamble, Bayer, Google and Tesla
- Competitive demand for top cannabis talent continues to skyrocket in emerging adult-use markets including Arizona, Illinois, Michigan, New York and New Jersey as hundreds of new licensees are building intra-state supply chains to serve ever-increasing retail stores.
Salary ranges in the Q2 2021 Salary Guide are based on CannabizTeam’s proprietary salary data, salary surveys and independent research from trusted sources collected through the end of Q1 2021.
To view the Q2 2021 Cannabis Industry Salary Guide in its entirety, visit: CannabizTeam.com/cannabis-salary-guide.
CannabizTeam is the world’s largest cannabis-focused executive search and staffing firm providing services for the top cannabis, CBD and hemp businesses in the United States, Canada, Mexico and Europe. Founded in 2016 by internationally acclaimed executive recruiter Liesl Bernard, CannabizTeam identifies and delivers superior talent that possesses the drive, skills and cultural fit unique to each client and company role. Headquartered in San Diego, CannabizTeam now has offices in Boston, Chicago, Dallas, Denver, Detroit, Newark, Miami, Orlando and Santa Rosa. Through extensive global reach and unparalleled business relationships, CannabizTeam and its five staffing divisions (CT Executive Search, CannabizTeam Direct Hire, CannabizTemp, CT Board Placement and CT Outplacement Services) place over 1,000 candidates a year for clients. Sign up for the CannabizTeam newsletter to receive weekly updates on the top candidates in cannabis: https://cannabizteam.com/top-talent/.
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