It’s 4/20, the luckiest day of the year for weed lovers. And while legalized marijuana isn’t exactly the flashy event it was a few years ago, it’s quickly becoming an economic force.
The legal marijuana market is expected to exceed $31 billion in sales this yearaccording to consultancy firm Whitney Economics, a growth rate of 9%. Yet not all the news is good.
Last April, pot sales in Colorado, which sparked the legalization movement, were at their lowest since 2018, reaching $131 million, compared to $153 million in 2022. The fact that the slump happened in April is just as notable as the retail sector. A decline in turnover was announced in December.
“As an industry we are in dire straits – we urgently need a regulatory overhaul to prevent more small cannabis business owners from closing their doors and laying off their employees,” said Truman Bradleythen executive director of the Marijana Industry Group.
Despite the bumps, salaries are rising for those working in the cannabis fields. Beal University, in Maine, has compiled an overview of national salarieswith increases of as much as 10% between 2022 and 2023, with no decreases in any job category.
So who makes what? As in many fields, it largely depends on your title.
CEOs – The average salary of a cannabis company CEO was $402,350, up 7% from 2022. Compare that to the National average for CEOs of $227,000.
Pharmacy manager – Running a cannabis store will earn you an average of €99,450, an increase of 6% compared to 2022. That is an increase of more than €30,000 per year from 2019.
Manufacturer of edibles – The chefs in the cannabis world earn an average salary of $46,640, which is about $3,000 less than chefs and head cooks in the foodservice world.
Budtender – The person behind the counter of a pharmacy acts as an advisor and cashier for customers. Last year they took home an average of $42,000, which was essentially unchanged (up 1%) from 2022.
Business controller– Accounting and finance are where the money is, both literally and in terms of salary increases. Last year, controllers saw their salaries increase by an average of 10% to $167,000. Financial analysts also saw a 10% salary increase.
