It’s 4/20, the happiest day of the year for weed enthusiasts. And while legalized pot isn’t exactly the head-turning event it was a few years ago, it’s quickly growing into an economic force.
The legal marijuana market is expected to see sales of more than $31 billion this year, according to the consulting firm Whitney Economics, a 9% growth rate. Not all the news is good, though.
Last April, weed sales in Colorado, which sparked the legalization movement, were at their lowest point since 2018, coming in at $131 million, compared to $153 million in 2022. The fact that the slump occurred in April is as notable as the retail sector announcing a sales drop in December.
“As an industry, we are struggling—we are in dire need of a regulatory overhaul to prevent more cannabis small business owners from closing their doors and laying off their workers,” said Truman Bradley, executive director of the Marijana Industry Group, at the time.
Despite the bumps, salaries for those in the cannabis fields are on the rise. Beal University, in Maine, has compiled a look at national salaries, showing increases from 2022 to 2023 of as much as 10%, with no declines in any job category.
So who’s making what? As in many fields, it largely depends on your title.
CEOs – The average salary of a cannabis company CEO sat at $402,350, a 7% increase from 2022. Compare that to the national average for CEOs of $227,000.
Dispensary Manager – Running a cannabis shop will earn you an average of $99,450, a 6% increase over 2022. That’s an increase of over $30,000 per year from 2019.
Edibles Producer – The chefs of the weed world bring in an average salary of $46,640, which is about $3,000 less than chefs and head cooks in the food service world.
Budtender – The person behind the counter at a dispensary acts as counselor and cashier to customers. Last year, they took home an average of $42,000, which was basically unchanged (up 1%) from 2022.
Corporate Controller– Accounting and finance is where the money is, both literally and in terms of salary advancements. Last year, controllers saw their salaries rise 10% on average, to $167,000. Financial analysts also saw a 10% salary bump.
