Pot manufacturers and distributors saw massive job creation in 2018, with 64,389 new positions added to the rolls.
At a time when the rest of the labor market appears to be tightening up, the marijuana industry is just getting started when it comes to job creation, according to a recent report.
Hiring slowed to a crawl in February, with the payrolls growing by just 20,000. That came even though the BLS said there were 7.3 million job openings against just 6.3 million considered unemployed in December, the most recent month for which data were available. Because there is no official count the report had to use some unconventional methods to estimate the jobs total. They utilized state data, industry surveys, information from operators, proprietary data and other economic formulas.
"US marijuana legalization is a rare example of disruption creating jobs rather than destroying them," Nick Colas, co-founder of DataTrek Research, said in a note Thursday that highlighted some of the cannabis jobs data."With the US labor market recently showing signs of weakness and fears of an eventual recession in the wings, this is one industry that might soften the blow of an economic downturn.
Along with the bottom-line gains, the industry's growth also offers an alternative to the push for young Americans to get a college degree, which has led to an explosion of student loan debt that now totals nearly $1.6 trillion.
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