We previously mentioned that the cannabis industry is not for everyone. We suggest you check out that piece here and then come back to this one.
Ok you’re all caught up? Perfect! Here we go…
OKAY SO WE KNOW WE SAID YOU MAY NOT BE RIGHT FOR THE CANNABIS INDUSTRY BUT SOMEONE HAD TO SAY IT AND WE’RE SORRY IF WE HURT YOUR FEELINGS BUT WE WERE JUST TRYING TO DO THE RIGHT THING AND SOMETIMES THAT’S HARD, OKAY?! *takes deep breath*
So we previously sat down with Frank Judd, Director of Client Accounts and learned his take on this subject. He outlined the type of person he believes is most likely to succeed in this new industry and what attributes of a person are nonnegotiables in the industry. We know it was a little bit… well… scary to some of you. You will have to be legitimately entrepreneurial, organized, resourceful and savvy in order to really make the most of the current opportunities in this space. Even if you have the attributes we described, we were extremely candid about why these skills are necessary and why the industry would likely be a difficult space for some people to excel in.
The newness of the cannabis industry presents opportunities for growth and innovation and most established industries simply cannot create. The creation of an industry allows for the creation of completely unforeseen paths to success and that is extremely exciting for myriad people. We can see why people would be attracted to the opportunities in this space. At first glance, this industry is young, vibrant, and sexy. This is true, but not everyone is equipped to take this opportunity and create the kind of sustainable practices that take companies to notoriety and brand recognition.
And so we stand by our statement: The cannabis industry, as it operates today, is not for everybody.
If you were able to get through all of that and you still think you’re interested, we FINALLY have good news for you! You’re in the right place.
We have outlined a few reasons why the cannabis industry could be enticing for you.
The opportunity is there and so is the growth potential
So let’s start with the facts which we sourced from mjbizdaily.com
- Medical cannabis is legal in 30 states and recreationally legal in 9 states.
- Us cannabis employment is said to jump 39% in 2019 thanks to california
- There could be as many as 217,000 jobs in the cannabis market by the end of 2019.
- Their 2019 Marijuana BusinessFactbook “estimates that total full-time employment in the cannabis space will reach 385,000 to 475,000 workers by 2023 [and] the total economic impact of the cannabis industry will be range from $39.2 billion to $48 billion in 2019 – about a 35% increase over 2018. U.S. cannabis sales in 2018 were between $8.6 billion and $10.8 billion – more than U.S. spending on e-cigarettes, the video game Fortnite and Goldfish crackers. U.S. sales of cannabis in 2019 will be about 35% higher than 2018 and could reach $30 billion by 2023.”
As of now, because of the availability of cash flow, the compensation equates to other industries but isn’t extremely competitive at the moment. The federal banking system is a bottleneck in this scenario. In order to gain some sort of incentive or advantage in regards to compensation, companies tend to be more willing to negotiate equity components.
The industry is new and stems from a wildly successful underground marketplace. The language is simple, the environments are younger, the dress codes are extremely casual. The formalities don’t have a huge place in the culture of this industry.
INDUSTRY EXPERIENCE ISN’T NECESSARY
This is because it doesn’t exist in a legitimate form. As long as you have a functional skillset that supports your success in certain roles, you will be able to break into this industry from many other industries. It’s about the skills your experience gave you, not as much about who gave you that experience.
OBSTACLES ARE OPPORTUNITIES
There are problems that need solutions. Likely if one company is having a problem, other companies are too. The technology and support systems do not exist yet but are needed and will continue to be needed. Finding a problem and then solving it in a way that is replicable and scalable is an opportunity that we are keeping our eyes on. Ancillary business opportunities are major right now.
ONE INDUSTRY WHICH ENCOMPASSES MANY
There are so many industries that are tied to and improved by the cannabis industry. You can find your passion and your “why” within many of the areas of the industry.
- Homeopathic medicine
- There really aren’t influencers yet. You aren’t being compared
If you think we just described an opportunity you’re excited about, shoot us your resume. We’d love to see how we can help you find where you fit in “cannabusiness.” Send your resume and a brief message to [email protected]!