Marijuana Industry Will Outpace Manufacturing

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legal marijuana

This US Presidential election was all about the US economy and job creation. The Republican nominee, now President, Donald Trump has promised to create millions of new jobs, particularly manufacturing jobs in the country. But maybe, Trump should be looking elsewhere to create these jobs – the cannabis industry.

Cannabis to Grow the Fastest in the United States

According to the findings of a new study from New Frontier, the legal cannabis market is expected to create more than 250,000 jobs by 2020. The manufacturing industry, on the other hand, is likely to lose 814,000 jobs by 2024, in spite of the best efforts of the new President. The Bureau of Labor Statistics has endorsed this data.

In fact, the legal cannabis industry will not just outpace manufacturing, but all others as well, such as utility industry, the service sector, agriculture, and the federal government, where the workforce is likely to go down between 6 and 14 percent by 2024.

These projections made by New Frontier include just the 25 states where medical marijuana has been legalized and the seven states that allow legal recreational marijuana. So, if other states join them to legalize marijuana use, then surely more jobs could be created making the legal cannabis business even bigger.

Legal Cannabis to Grow at 17 Percent

Value of the legal cannabis market stood at $7.2 billion last year. The expected growth rate every year is a stunning 17 percent. Andrew Livingston, who is the director of research and economics for the law firm Vicente Sederberg LLC said, “This is a fast-paced, changing market with varying different dynamics that have more to do based on governmental and regulatory dynamics than they do on consumer dynamics”.

Other industries, apart from legal marijuana, which is expected to grow, include construction, health care, business and professional services, mining, and private educational services. With 21 percent growth by 2024, health care will perform the best among them. Construction will grow at 13 percent, while the others will see about 10 percent growth.

Meanwhile, in a separate development, the White House announced on Thursday, law enforcement agents will enforce federal marijuana laws when there is a conflict in the states that has legalized recreational use. Sean Spicer, the White House press secretary said, “I do believe you will see greater enforcement of it”. Federal drug law, to this day, lists marijuana as an illegal substance.