New York is the fastest growing market for cannabis jobs 📈

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New York is the fastest growing market for cannabis jobs 

What happened: New York added more full-time cannabis industry jobs than any other state, according to a new report from Vangst, a recruitment firm. 

The state added 8,450 jobs last year, for a total of 12,500 — a 209% increase over 2023. New York’s job growth was followed by New Jersey, which added 2,763 jobs, and Ohio, which added 2,496 jobs.

Overall, the cannabis industry supports 425,002 jobs in the US, down 3.4% last year, amid consistent regulatory challenges and what Vangst says are companies shifting to leaner operations. 

That’s over 425,000 jobs despite the fact that cannabis is still federally illegal. 

The report was produced in conjunction with Whitney Economics. You can download it here.

On the other hand: More “mature” cannabis markets saw job losses. Arizona cannabis jobs declined 52%, while Illinois declined 25%, and Colorado 9%.

The report also highlighted that over-supply — and the corresponding price declines — is a problem in nearly every state. Cannabis can’t legally cross state lines, meaning all that surplus has nowhere to go. 

What they’re saying: “With so much supply, cultivators are no longer price makers and are instead price takers,” the report reads. 

Other takeaways: Overall, the industry posted $30 billion of sales last year, a slight increase from 2023. By 2030, the report estimates that the cannabis industry will sell over $62 million. 

Another key takeaway? Cannabis consumers are highly price sensitive. That means that states with higher taxes have reduced purchasing from legal sources. 

-JB

"A state-store model for adult-use cannabis won't pass the Senate; it's a fact, not an opinion. The House's advancement of HB 1200 to the Senate wasn't a genuine legalization effort but political theater. I haven't received any discussions from House leadership or bill sponsors,” Pennsylvania Senator Dan Laughlin said on X after his committee voted down HB 1200, a bill that would’ve legalized cannabis in the Keystone State. 

The state’s Senate Committee on Law & Justice opposed the bill 9-3 on Tuesday. House Democrats introduced and quickly passed the bill last week, but could not make it past the Republican-controlled Senate. The biggest point of contention was not legalization itself, but the use of state-controlled dispensaries and the lack of debate before the bill was sent to the Senate.  

Gov. Josh Shapiro has made no secret that he wants lawmakers to deliver him a legalization bill — let’s see if lawmakers can strike an agreement soon.

Boston Beer Company launches summer lineup of Canadian THC drinks 🍹

Sam Adams maker Boston Beer Company announced a new line of THC drinks for the Canadian market. The beverages, under the TeaPot Iced Tea and Emerald Hour cocktails brands, have 10mg of THC derived from rosin. Although the company is most well known as a beer brewer, they have expanded in THC drinks in Canada. 

Fluent launches online wholesale platform 📈

Cannabis company Fluent announced the release of Entourage, an online wholesale cannabis online platform. The platform is available to New York cannabis retailers and will debut at Revelry, a cannabis buyer’s event, today. 

Curaleaf liquid inhaler gets European approval 🌏

Curaleaf, in partnership with TILT subsidiary Jupiter Research, has secured a European Union medical device certification for what the company says is the first handheld liquid inhalation device intended for use with cannabis. 

Ghost Drops CEO: Leave our company alone 🛑 

Ghost Drops CEO Gene Bernaudo said that his company is being unfairly targeted by Health Canada. The CEO recently sued the Canadian government in opposition to a $500,000 fine it levied against him and the company for alleged marketing and packaging violations. Bernaudo told StratCann that regulators told him about 30% of the marketing complaints they receive are for Ghost Drops, but Bernaudo argued that those complaints could be coming from competitors rather than honest consumers. 

Alabamans petition for a hemp bill veto ✒️

Alabama consumers urged Governor Kay Ivey to veto HB 445, which would ban smokable hemp, limit THC to 10mg in edibles, and ban online sales and delivery. The bill recently passed the state legislature and is currently awaiting the governor's signature. The petition has over 1,000 signatures as of Tuesday.

Weed recall in Arizona due to potential fungus 🤢

Arizona regulators announced on Friday a voluntary recall for cannabis that might have been contaminated with Aspergillis, a type of fungus that can be harmful if inhaled. The state did not name the producer of the suspect flower, but did list it as ODO batch PHX1164-ODO. 

Michigan adult use sales down in April 📉

The annual 4/20 holiday was not enough to keep Michigan sales from dropping last month to $270 million in April compared to $276 in March. Consumers actually purchased more cannabis sales by volume, but that wasn’t enough to counter the continuing drop in prices statewide, reports The Detroit Free Press.

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Glass House Brands posts improved revenue, less loss 📈

Glass House Brands reported a $10 million net loss on $44 million revenue for the first quarter up from $30 million the same quarter last year. The loss was also less than the $18 million they lost in the same quarter last year. 

Two key charts from the Vangst report:

Kentucky hemp brand Cornbread Hemp hosted an expungement clinic in Louisville on Tuesday along with Goodwill. Their goal was to clear the records of at least 50 individuals with cannabis convictions. 

Cornbread Hemp co-founder Jim Higdon said it would be the first of many.

Mundelein home to latest example of evolving cannabis industry; 'If moms are using it, it's legitimate' | Chicago Tribune