The Tricky Trifecta

Jobs, tax revs and global standing at risk.

Daily Recap

While cannabis employment dipped slightly in 2024, the industry posted $30.1B in legal retail sales, for a 4.5% increase year-over-year. The job decline of 3.4% (15,443 roles) reflects operational discipline, regulatory challenges, and market recalibration.

The U.S. canna industry supports 425,002 full-time equivalent jobs, even as national cannabis sales grew to $30.1 billion. Emerging markets like NY (+209%), MS (+103%), and OH (+34%) led the country in job creation. Mature markets such as IL (-25%), AZ (-52%), and CO (-9%) saw losses primarily due to oversupply and high taxes.

"The cannabis industry shifted from a phase of hypergrowth to one of operational discipline. This recalibration reflects a maturing industry focused on sustainability and efficiency. Despite a slight decline in jobs, cannabis remains one of the nation's leading employment sectors, with over 425,000 full-time roles and revenue projected to grow more than 13% in 2025, the industry is still a powerful economic engine."

Karson Humiston, Founder & CEO of Vangst.

Globe Spotters

Meanwhile, several countries in Europe are advancing medical cannabis reform.

These reforms are set to lay the foundation for five permanent medical canna markets in the region: three entirely new markets, and two transitions from pilot programs to permanent medical cannabis systems.

Medical cannabis reform is an ongoing and dynamic process in Europe, and the pace and scope of development across the region is noteworthy, with movement in France, Spain, Denmark, Slovenia, and Ukraine. The U.S., meanwhile… 🦗🦗🦗

No Smoke Radio

A Senate-passed bill in Illinois that would clarify that police may not stop or detain drivers, or search their vehicles, based solely on the smell of cannabis had an initial House committee hearing on Friday, where lawmakers advanced the proposal.

But while the House Judiciary Criminal Committee advanced the measure, the bill’s House sponsor told colleagues that he doesn’t think it is ready to become law—yet.

Stocks & Stuff

It was a docile Hump Day for financial markets, all things considered, although rates continue to edge higher and that’s no bueno for an already strapped consumer that is wrestling with higher prices in “things we need,” such as food and insurance.

Below, we’ll highlight some green cannabis shoots—two of which just triggered—spy the state with the most robust canna employment growth, and share an honest dive into the cannabis vs. hemp debate. All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $4M 👀

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