Rapidly Expanding Cannabis Companies Flood the Job Market
As the cannabis industry begins to heat up, companies are beginning to aggressively seek employees to fill positions. Nearly two decades ago, cannabis was reintroduced into U.S. states such as California, Oregon, Alaska, and Washington. Since then, states like Michigan and Illinois decided to legalize adult-use of cannabis. Consequently, the rapid expansion of the market is creating a large influx of jobs. And according to a report by Glassdoor, there were a total of 1,512 cannabis industry job openings in December 2018, increasing by 76% compared to the same period a year ago. Moreover, ZipRecruiter highlighted that in 2017 the number of cannabis industry jobs grew by 445%, outpacing both the technology (254%) and healthcare (70%) industries. Furthermore, following the legalization of hemp-derived CBD products, industry experts noted that the job demand continued to grow. HempStaff, a hemp and cannabis recruiting firm, mentioned in March that 80% of its job listings are for upper-level positions such as Chief Financial Officers and accounting managers. However, HempStaff Chief Executive Officer James Yagielo also noted that as hemp factories begin to ramp up production rates, companies will need "factory line people, machinists and other types of workers." Additionally, positions such as accountants, lawyers, IT specialists, financial experts, researchers, and lab technicians are also in high demand. Glassdoor noted that brand ambassadors and sales associates each accounted for 5% of total cannabis job openings in 2018, which represented the largest shares for individual positions. On the other hand, the overall professional and technical jobs accounted for 53% of the job openings. Glassdoor also mentioned that the discrepancy is largely due to the wide range of available positions. However, as the industry continues to develop, various job positions are expected to see larger demand as businesses strive to comply with regulatory matters. As a result of the growing workforce, Fortune Business Insights projects that the global cannabis industry will grow from USD 10.6 Billion in 2018 to USD 97.35 Billion by the end of 2026. Additionally, the market is anticipated to grow at a CAGR of 32.6% during the forecast period. Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), Planet 13 Holdings Inc. (OTC: PLNHF) (CSE: PLTH), Medmen Enterprises Inc. (OTC: MMNFF) (CSE: MMEN)
Canada Legalizes Cannabis Edibles, Beverages, Extracts and Other Derivative Products
On the first anniversary of Canadian cannabis legalization, "Legalization 2.0" or "Cannabis 2.0" will allow popular cannabis derivatives like edibles, infused beverages, and vapes to legally be bought and sold nationwide. Demand for these products is incredibly high, and most analysts believe that cannabis derivatives will allow companies to deliver on ambitious revenue projections for the still-growing pot industry. Because this market is so important, companies that are prepared to capitalize on cannabis-derived consumables--like BevCanna Enterprises Inc. (CSE:BEV) (OTCPK:BVNNF), MediPharm Labs Corp. (TSX:LABS) (OTCQX:MEDIF), Cronos Group (TSX:CRON) (NASDAQ:CRON), Valens GroWorks (TSXV:VGW) (OTCQX:VGWCF), and IAnthus Capital Holdings, Inc. (CSE:IAN) (OTCQX:ITHUF)--are likely to ride the new wave of legalization and become the major industry players of tomorrow.
Cronos Group Issues Statement on Separately Announced IPO of Cronos Australia
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos Group" or the "Company") today noted the separately announced AUD$20 million initial public offering of Cronos Australia Limited ("Cronos Australia"). Under the offering, Cronos Australia is expected to issue 40 million new shares at an offering price of AUD$0.50 per share (the "Cronos Australia IPO") ahead of its planned listing on the Australian Securities Exchange in November 2019.