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 is experiencing significant growth, with a year-over-year revenue increase of 10.3% in 2023, reaching $28.8 billion. The performance of the industry varies 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, seeing a downturn in sales and job losses [86cfe8e6].
Cannabis has been legalized in over two-thirds of U.S. states, with the legal cannabis market projected to reach $41.5 billion by 2025. Illinois alone generated over $400 million in cannabis sales in its first year of legalization, contributing $100 million in taxes [99d2dec8]. 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 upcoming Benzinga Cannabis Capital Conference in Chicago will discuss these issues and provide insight into the future of investing in the cannabis industry [86cfe8e6]. Furthermore, public support for cannabis legalization has grown, with 60% of Americans in favor as of 2021. Cannabis policies have also influenced voter turnout in states like New Jersey, New York, and South Dakota, indicating that candidates may leverage these policies in the 2024 elections [99d2dec8]. However, challenges remain, including public health concerns and the ongoing federal illegality of cannabis. The SAFE Banking Act aims to assist cannabis businesses in navigating these hurdles [99d2dec8].