The U.S. economy added 266,000 new jobs in June, exceeding forecasts. However, the unemployment rate edged up slightly to 3.7%. Wage growth was relatively tame at 0.2% month-over-month and 4.3% year-over-year, suggesting a potential slowdown in the job market [86cfe8e6].
The cannabis industry saw a year-over-year revenue increase of 10.3% in 2023, reaching $28.8 billion. The performance of the industry varied across states due to market maturities and regulatory environments. Newer markets like Michigan, Missouri, and Illinois experienced a 5.4% year-over-year increase in cannabis-related employment. Mature markets like California and Colorado faced challenges and saw a downturn in sales and job losses [86cfe8e6].
According to the Vangst 2024 Salary Guide, cannabis salaries have seen an optimistic outlook, with top-tier salaries increasing by 4.7% over the past year. Directors of Cultivation now earn between $90k and $140k, while Budtenders earn between $14 and $22 per hour [86cfe8e6].
The relationship between hip hop and cannabis has evolved into a cultural movement over the last decade. Iconic groups like Cypress Hill and artists like Snoop Dogg normalized marijuana use in the 1990s, while Method Man's 1994 hit 'How High' became a cornerstone of stoner culture. Wiz Khalifa's 2010 mixtape 'Kush & Orange Juice' turned smoking into a ritual of coolness, leading to the launch of his own strain, Khalifa Kush, which created a multimillion-dollar business. Curren$y and Travis Scott have also incorporated cannabis into their artistry, with Scott launching his brand Cactus Farms. Jay-Z joined Caliva as Chief Brand Strategist in 2019, further intertwining hip hop with cannabis culture [e1f6297a].
Cannabis legalization efforts are ongoing, with hip hop driving a significant shift in public perception. The cannabis industry is projected to reach $100 billion globally by 2030, indicating a lucrative future for both sectors. The upcoming Benzinga Cannabis Capital Conference in Chicago will discuss these issues and provide insight into the future of investing in the cannabis industry [86cfe8e6].