Job numbers have surged in some areas of the cannabis industry, despite growing unemployment and financial malaise in the wider economy.
While many sectors of the economy have been hard hit by the COVID-19 epidemic, an increasing number of anxious jobseekers are turning to the cannabis industry.
And the good news is, the cannabis companies are still hiring, despite mass layoffs and commercial scale-backs.
When you have the largest cannabis company in the world [Canopy Growth] laying off 700 people, that's a signal of what's going on in the broader market. We were already seeing that on the full-time side of our business and then COVID-19 came and exacerbated it. Vangst founder and CEO, Karson Humiston
According to the employment platform Vangst—which operates the Gigs temporary employment site and a recently launched service aimed at full-time positions—they're still filling approximately 600 positions per week.
At the same time, the number of candidates applying on the site has also spiked by an impressive 300% during the March.
"We've seen a huge uptick in candidates, and we're seeing a large number of candidates coming [to the cannabis industry] from hospitality and retail," Vangst CEO Karson Humiston said.
"When our clients do pick up hiring again, they're going to have access to a really strong talent pool."
This surge in employment numbers is also correlated by research from Leafly, which found that the number of roles in the cannabis sector increased by 15% from the previous year and has climbed to nearly double the rate seen in 2017.
Cannabis companies such as Curaleaf Holdings (CNSX: CURA) are even in the process of expanding their workface due to unprecedented demand. In fact, the CEO of Curaleaf, Joseph Lusardi, recently stated that the company has seen a 300% increase in demand for its products.
"We've seen a surge in demand all over the country," Lusardi said.
"We're seeing more patients become registered every day and we're adding employees in just about every area of the business to meet the demand."
Green Leaf Medical is another company which is in the midst of a hiring blitz, as it attempts to onboard 235 new employees to help scale production efforts in Virginia.
"We've been biding our time, waiting until we were sure that we were financially sound enough to make this move and to hire these employees," CEO Philip Goldberg said.
"We're not just firing off and going crazy."
This pot stock could reach new heights in 2020 due to Coronavirus
The COVID-19 pandemic is showing no signs of slowing down, and as global markets enter meltdown many cannabis companies are feeling the effects of capital crunch.
While the market crash will continue for some time, it represents a golden opportunity for investors who are capable of riding out the volatility until share prices rally.
Luckily, one pot stock has developed antimicrobial drug that can already treat two superbugs while limiting their ability to develop antibiotic resistance.
Investors can also start picking up shares at rock bottom prices, as global investor sentiment continues to dampen thanks to COVID-19.
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