Marijuana Business Magazine April 2019

Marijuana Business Magazine | April 2019 42 That’s what Marijuana Business Magazine number crunchers—led by research and data analyst Maggie Cowee—found after analyzing salary data provided by HempStaff, Vangst, Viridian Staffing and Glassdoor. Some, but not all, cannabis job re- cruitment experts notice the same trend, particularly when benefits such as stock options, health insurance, vacation and other perks are included. “What we’re seeing is that they’re in line or a little bit more competitive when you look at the full package,” said Karson Humiston, CEO of Denver recruitment firm Vangst. The company’s latest industry salary report found that cannabis salaries grew more than 16% between August 2017 and August 2018, with many jobs earn- ing six figures, including lead cultivator, lead extractor and compliance manager. A TIGHT LABORMARKET The drivers behind that salary increase include: • A tight labor market nationwide. • Marijuana companies having to compensate employees handsomely to keep them onboard. • A willingness to dole out stock options. (See page 44.) C annabis pays. From trimmers, stock clerks and budtenders to master growers, chief extractors and C-suite executives, all are more likely to make at least as much or more money than comparable positions in mainstream industries such as consumer goods, alcohol and agriculture. (See chart on page 48.) Salaries in the marijuana industry are generally higher than those for comparable positions in mainstream sectors, according to a Marijuana Business Magazine salary survey. Cannabis salaries will continue to face upward pressure as more states legalize marijuana—although falling MJ prices will provide downward pressure. Here are factors cannabis industry executives and employees should keep in mind when plotting salaries: • A tight national labor market and other factors mean the cannabis industry currently favors job seekers over employers. • The cannabis salary market is especially favorable for high-skilled workers such as senior cultivators or extractors, although entry- and mid-level workers—while facing greater competition for jobs—are also doing well. • Many marijuana companies offer stock options to sweeten compensation packages and motivate employees. • Compensation packages vary from state to state and differ depending on the region where a company is located. • The hottest job markets will be in states that recently launched—or are about to launch—medical and recreational cannabis programs. Cannabis industry workers and executives can earn more than their mainstream counterparts, Marijuana Business Magazine salary survey finds By Omar Sacirbey ON THE MONEY Salary Survey