The global legal cannabis market size is expected to reach $66.3 billion by the end of 2025 with a compound annual growth rate of 23.9%, according to Grand View Research, and the U.S. legal cannabis market, valued at 11.9 billion in 2018, is anticipated to expand at a growth rate of 24.1% from 2019 to 2025. Increased legalization and the use of medical marijuana, as well as recreational applications, is expected to promote growth. Currently, recreational marijuana is legal in Washington, Oregon, California, Nevada, Colorado, Michigan, Vermont, Massachusetts, Illinois, and Washington DC. This year, the Drug Policy Alliance is also working on cannabis legalization campaigns in New Jersey, New Mexico, and New York. Studies are suggesting that marijuana may be legal on a federal level in the next couple of years.
The cannabis industry added just under 65,000 jobs in 2018, according to Leafly, and as more states move toward the legalization of cannabis, job creation will continue to rise. As the cannabis industry becomes more mature, rapidly growing organizations are outgrowing their entrepreneurial operations and need to develop more sophisticated business practices in order to maintain their scalability and ensure they are sustainable. One area that is crucial to success is retail operations, which means tremendous opportunity for retail professionals looking to make a change.
Cannabis companies are looking to streamline their process for store openings, develop omnichannel strategies and create an exceptional experience that keeps customers coming back for more. From frontline, customer-facing teammates to the C Suite, individuals with experience in well respected, high growth retail environments are in strong demand to help shape what cannabis dispensaries look and feel like for a diverse consumer set. Consider this, the cannabis industry is still fairly new, which means there is a tremendous amount of greenfield opportunity for individuals who thrive in a fast-paced environment where best practices still need to be defined. An individual who can provide a strong orientation toward creating an amazing customer experience along with a propensity toward building processes could do extremely well in this hot industry. If that sounds like you, we implore you to explore this new industry and all the possibilities it provides.