The Legal Cannabis Market Contributes to Job Creation

Nearly 900 eager job seekers came to the first Spokane Cannabis Job Fair on 6/20 at the Spokane Convention Center

NEW YORK: New data shows that the growing legal cannabis industry is strongly contributing to job creation. A recent report by New Frontier Data, which provides comprehensive analysis and reporting for the cannabis industry, projects that by 2020, the legal cannabis market will create more than a quarter million jobs for American workers.

The legal cannabis market was worth an estimated $7.2 billion in 2016, and is projected to grow at a compound annual growth rate (CAGR) of 17%. The medical cannabis market is projected to grow at 13% CAGR through 2025, growing from $4.7 billion in 2016 to an estimated $13.3 billion in 2020.

“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 3 to 5 years, however with a 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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