- Senior level jobs in the cannabis industry are getting salary bumps.
- That’s according to cannabis recruiting platform Vangst, which gave Business Insider an early look at their 2020 Cannabis Industry Salary guide.
- There are seven non-C-suite level positions that pay six figures— and the pay is rising, according to the report.
- Visit Business Insider’s homepage for more stories.
Though cannabis sales soared during the pandemic, the industry —like many others — froze hiring for a large chunk of 2020, as companies were reluctant to increase their headcount amid a turbulent economy and a deadly pandemic.
But since the sector started to rebound late in 2020, hiring within the cannabis industry is now trending back to pre-pandemic levels, according to cannabis industry recruiting startup Vangst. And senior-level jobs that pay over six-figure salaries are seeing a bump in pay over last year.
Business Insider got an early look at Vangst’s 2020 Cannabis Industry Salary guide which the startup releases each year.
If you’re looking to work in cannabis, whether you want to level up within the industry or make a mid-career change, you can find opportunities to earn a high salary in some of the industry’s top roles.
The cannabis industry is adding jobs
The cannabis industry is set to employ more than half a million workers by 2024, according to the report.
The five states that passed cannabis legislation in the general elections in November — Arizona, New Jersey, Mississippi, Montana, and South Dakota — are expected to add 26,241 total jobs by 2025, once markets have had time to get off the ground. New Jersey is expected to hire the most workers, with a projected 19,037 new jobs, followed by South Dakota, with an additional 2,965 jobs.
The shift from in-store to online ordering is a key driver of new jobs, as is the robust growth in Oklahoma’s medical cannabis market, and the boom in SPACs, or special purpose acquisition vehicles, which have provided a pathway for cannabis companies to raise money and go public much quicker than the traditional IPO process, according to Vangst.
For experienced hires, the top three hot spots for job seekers are no surprise: Los Angeles tops the list, followed by Denver and Las Vegas. But for those who want to break into the industry, Detroit, Boston, and Worcester, Massachusetts, are the top cities.
There was also a shift in the kinds of employees companies were looking to hire in 2020. As the cannabis industry matures, Vangst’s guide said businesses are looking to hire those who already have a wealth of cannabis industry experience, rather than experience in other industries that might not translate directly into this one.
Still, the cannabis industry has a long way to go to increase diversity in its ranks. Close to 50% of cannabis companies said they have a diversity plan in their hiring practices, though almost 75% of cannabis industry professionals who responded to the survey identified themselves as white.
To put together the salary guide, Vangst reached out to cannabis businesses and workers across the industry and cross-referenced 1.500 data points to confirm the numbers.