Industry For the first time in the history of the $26 billion legal pot market, employment declined last year, according to a new study exclusively reported by Leafly. The study revealed that the cannabis industry shed 10,000 jobs, a 27% decrease from the previous year. This decline comes amid increased legal, leaving many wondering why the industry is struggling.
One reason for the decline in employment could be the oversaturation of the market. As more states legal cannabis, there are more businesses entering the industry, leading to more competition. This has caused many businesses to struggle to stay afloat, resulting in layoffs and closures.
Another factor contributing to the decline in employment is the lack of access to banking services. Many banks are hesitant to provide services to cannabis businesses due to federal regulations, leaving these businesses without access to loans and other financial resources. This has made it difficult for businesses to expand and create new jobs.