Is Now the Right Time to Enter the Cannabis Industry
A New Green Rush: Is Now the Right Time to Enter the Cannabis Industry?
Could another Green Rush be upon us? If you found yourself asking, “Is the cannabis industry right for me?” or maybe you’ve pondered “Is starting a career in cannabis the right move right now?” now might be the right time depending on where you live!
In 2012, entrepreneurs, investors, and all those wanting a piece of the canna-pie flocked to Washington and Colorado to establish the recreational marijuana industry in the United States. A decade later, the cannabis industry is growing and with newly legalized markets, a new Green Rush may be on its way.
Over the last decade, states across the country have legalized cannabis consumption and sales. Cannabis sales are
expected to top $33 billion by the end of the year. For stoners and non-stoners alike, the growing industry provides the opportunity for career growth and transition.
If you found yourself asking, “Is now the right time for me to join the cannabis industry?” keep reading. We’ve chatted with industry insiders and polled our team to give you the low down on the growing cannabis industry. Whether you’re trying to break into an established market or you’re following the Green Rush in recently legalized states, here are key things to consider about joining the ever expanding cannabis industry.
The Good -
1. New Business Licenses = New Opportunities
As the cannabis industry continues to grow, states across the nation are creating new opportunities to own, work, or support a licensed cannabis business for entrepreneurs and business owners. This is fantastic news for you if you live in a recently legalized state such as
Illinois. The US Cannabis industry now boasts 421,000 jobs.
New licensures means that retail cannabis locations will continue to open across your state and will need quality, well-trained staff. Because the industry is growing, getting the right training and development early will help you stand out amongst other candidates. Unlike most industries, there aren’t a ton of opportunities to grow your skill set in the workforce. Rather, you’re better suited finding training options and opportunities in your state that will teach you the ins and outs of the industry to help you land your dream cannabis industry job.
Quick Career Growth Potential
Unlike industries that have long standing, the cannabis industry is fresh. With this, even those entering the industry now can quickly establish credibility and experience within the industry. 3 years in cannabis is the equivalent of 20+ years in a more traditional industry. In fact, most industry executives and experts have less than 10 years of experience with cannabis.
Capitalize on early industry opportunities and be willing to grow with new firms and retail businesses. The likelihood that you’ll be running a dispensary within a few years is pretty high if you start now!
Mission Driven Career
Are you a stoner like most industry insiders? While cannabis consumption is not required for cannabis industry workers, your personal connection to cannabis is sure to fair you well in establishing your cannabis career.
Your own passion for the industry is easily your biggest asset. Knowing that the work you’re doing is deeply connected to your personal mission and interests will keep you motivated as you develop your cannabis industry career.
It’s always good for worker morale when you and your coworkers can enjoy an occasional puff, puff, pass session after work hours.
The Bad -
High Turnover Rates
A major challenge for many industries and a major headache for employers is turnover. In a post-pandemic world, employers need to remain competitive to keep quality candidates. While this can be in your favor with quick seniority and promotion opportunities, it can be frustrating to have frequent changes in leadership and staffing.
Many entry-level industry workers cite poor management, toxic culture, and poorly trained leadership as reasons for exiting the industry. A recent survey by Headset found 55% of budtenders who worked at any point over the previous 12 months “had departed by the end of that time period.”
One way to combat this is to be well trained and remain an asset to the teams you join. Bringing top tier skills and staying focused on your ultimate career goals can help navigate changes in staff.
Bad Apples
No industry is without bad apples. Unfortunately, even the cannabis industry has fallen subject to corporate greed
and boys-club culture.. While many newcomers to the industry often expect something different, they are are often greeted by the same corporate culture that they were trying to get away from
It’s not all bad! Many industry workers start out working for MSOs or Corporate Cannabis Companies in some capacity. These MSOs can mobilize resources quickly and establish many retail and grow locations in newly legal states which can create a lot of job openings They come from states with more established cannabis programs which mean they have insight into the ins and outs of the industry.These opportunities can serve as a good foot into the industry to build experience and skills quickly.
Pay Structure
Establishing a lucrative career in the cannabis industry is the ultimate goal. That doesn’t mean you won’t have to work through some lower paying gigs to get started.
While there are a plethora of high paying careers in the cannabis industry, entry level jobs sometimes start at or around minimum wage. This can be a challenge when you’re trying to not only establish a career but also maintain quality of life.
The good news is, low paying jobs aren’t forever. As reform in pay equity efforts continue and you further your own career, pay will undoubtedly increase and your opportunities for high paying jobs will multiply. If you’re looking to expedite the process, training and education can help. Most people starting in the industry lack experience and therefore employers can justify lower wages. When you are well trained you bring more to the table and will likely walk away with a high wage than your contemporaries.
In a growing industry, it’s important to maintain a competitive edge, so if you’re looking to start a career in the cannabis industry but low paying jobs won’t work for your budget, getting trained and certified in the industry are ways to increase your earning potential quickly.
The Ugly Truth -
The ugly truth is the answer to your question “is now the right time to join the cannabis industry?” is a lot more complicated than a simple generic pros and cons list. Your journey into and in the cannabis industry is unique to you. You may find success in retail spaces with your years of customer service experience. Likewise, you may recognize that your past experience seems completely out of line with the new career you build in the industry and you have to start from scratch. Others will venture into this industry and turnover in the first year.
What is certain is fully accessing all the industry has to offer is a long game. It is not for the wannabe overnight millionaire nor the faint of heart. Succeeding in the cannabis industry takes creativity, commitment, and resilience.
If you’re ready to explore more resources to join the cannabis industry, check out the ICTC Resource Library. Our library is always growing, so share your suggestions and recommendations for resources you’d like to see added!
Visit our website to learn about our state-approved training, networking events, and online courses for every aspiring cannabis worker.
