The cannabis industry is poised to become a significant job creator nationwide, according to new figures compiled by New Frontier Data. By 2020, they project Americans will fill more than 283,422 jobs in a rapidly growing industry that now has legal medical markets in 26 states and recreational ones in seven.
“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."
While New Frontier expects to see the cannabis industry's growth slow down to some degree in the next three to five years, they project total market sales to exceed $24-billion by 2025; this, along with almost 300,000 jobs by 2020.
These projections are based on the initial analysis of the Marijuana Policy Group (MPG) hired by Colorado for economic analysis.
“New Frontier assumed that every state would have a medical and adult use market in place and low barriers to entry," said De Carcer.
"This is an optimal view of the market that demonstrates what potential job creation could be if legal cannabis is operating freely and openly."
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