PR Newswire published a report conducted by Research and Markets, the world’s largest market and research store. In that report, the description reads: “The North America legal cannabis market size is expected to reach USD 38.2 billion by 2028, registering a CAGR of 16.6% from 2022 to 2028 over the forecast period.”
In 2020, Global Newswire reported that in 2021, cannabis market growth was expected to reach $16.25 billion USD, and in 2020 the expectation was $12.81 billion. These figures are reported as followed:
“In this report, the years 2018 and 2019 are considered historical years, 2020 as the base year, 2021 as the estimated year, and years from 2022 to 2026 are considered the forecast period.”
So let’s take a dive into the cannabis industry projections for 2022.
Cannabis is an Industry and the One to Watch for- 2022
The thing to consider first, is that cannabis is an industry that consists of a lot more than growing and selling flower. It’s like News America says:
“The cannabis industry is not only for recreational and medical use. It is also a part of thriving industries such as cosmetics, food, lighting, cooking, tobacco, building materials, and alternative fuels. As the world searches for sustainable solutions, leading countries are looking at cannabis as the new green alternative.”
So much so that cannabis was named an essential business during the height of the covid-19 pandemic. CNN reported:
“Despite a global pandemic, discombobulated supply chains, ballooning inflation and an ongoing fight to legalize marijuana on a federal level, the cannabis industry in America is flourishing.”
Cannabis sales in the legal industry are expected to reach $30 billion in 2022, with 160 million U.S buyers predicted to join the cannabis market. Both of these figures mean- job growth as well. Karson Humiston, CEO and founder of Vangst, says:
“The industry is also expanding rapidly and creating jobs.”
Jobs In Cannabis 2022
The cannabis industry has taken over as the industry with the most job opportunities. The 2022 prediction for cannabis employment per CannabizTeam is 100,000. MG Retailer reports the following regarding cannabis employment:
“According to a collaborative study from Leafly and the Whitney Institute, cannabis added 77,000 jobs nationally in 2020, representing 32-percent year-on-year growth and a 161-percent increase over the past four years.”
Hemp Staff says that the 10 cannabis industry jobs to watch for in 2022 are:
- Sales and Marketing
- Master Grower
- Dispensary Manager
- Budtender (also known as a Dispensary Tech- I like Budtender better- a Bartender isn’t called a Bar Tech)
- Cultivation Site Worker (smh- this is a Trimmer- I like Trimmer better- legalization seems to be trying to remove legacy culture)
- Delivery Driver
Trends to Watch for in Cannabis- 2022
Let’s just put it out there, 2022 will not be the year for federal legalization. More states will go legal but the plant will remain in federal prohibition.
- Contractor/Temp/Freelance: it seems that companies in cannabis are turning to temporary or “on-demand” workers to fill short term and mid-term needs in cultivation, extraction, manufacturing, distribution and retail.
- Edibles, cannabis beverages and topicals, are on the rise and that means that companies have increased hiring of extraction, manufacturing, and testing positions.
- Cannabis industry salaries rose 4% on average in 2021 with compensation for senior executives rising as much as 10%. This will be an ongoing trend due to inflation and the costs associated with keeping and recruiting top talent.
- It is predicted that the cost for mid-grade flower will drop.
- Predictions show that for high grade indoor, we will continue to see pricing at $80 per eighth ounce or more.
- The rise and fall of taxes will continue to fluctuate around the country.
No matter the cannabis trends and/or cannabis predictions, cannabis is going to boom. As legalization continues to sweep the nation, we will continue to see the world revolve around all things cannabis.