Cannabis Industry Hiring Jumped by 76 Percent in a Year, Research Indicates—Accountants in High Demand

By:
Chris Gaetano
Published Date:
Feb 4, 2019
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As the nascent cannabis industry gains steam, with more states legalizing recreational use, hiring has increased dramatically—the number of job openings rose by 76 percent in 2018 compared to the previous year, according to a report from career site Glassdoor. What's more, these jobs pay about 10 percent more than the national median salary, indicating a high level of demand for new workers. The biggest concentration of these jobs is on the west coast, but New York City itself has taken the number four spot, with 66 openings accounting for 4 percent of the entire share. 

While most of the open jobs are for positions such as brand associates, sales managers and store managers, the industry also has a great need for accountants, representing the 10th most in-demand position right now, making up about 1 percent of all job openings in the field. During the NYSSCPA's Cannabis Conference on Dec. 11, 2018, one speaker discussed the growing number of opportunities for CPAs in the industry, and another talked in particular about how much help the industry needs managing IRS Section 280E, which is the only way that businesses, which are still dealing in a federally controlled substance, can deduct even some of their costs. Zachary Gordon, the chair of the Cannabis Conference and the Society's Cannabis Industry Committee, noted in an interview that many of the entrepreneurs in this industry have little experience running a business in general. Clients, Gordon said, sometimes have no concept of creating a legal entity, and even running something as simple as QuickBooks can be foreign to them. This lack of knowledge is an opportunity for accountants and financial professionals.

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