By Matt Finkelstein, FutureSense LLC
We are pleased to announce the release of the 2022 Cannabis Compensation Survey Report. The 3rd annual report seeks to further understand and illuminate pay trends and practices in the legal cannabis industry by aggregating and presenting benchmark data in accordance with federal guidelines.
FutureSense and NCIA laid the foundation for the project in 2019 and released results for the inaugural survey at the end of that year. At the onset of the pandemic in early 2020, both parties took a step back to adjust their trajectories looking to enhance the scope and depth of the project. Marijuana Business Daily came on as a primary partner to assist with publication and distribution. Green Leaf Payroll & Business Solutions came on as a supporting partner, providing the project with anonymized payroll data. NCIA has stayed on as an endorsing partner to promote the shared mutual interest of supporting cannabis businesses and the industry at large. In 2022, the project added Western Management Group to support data management, calculations, and analysis.
This year, the survey focused on the cannabis vertical – gathering data specifically for the cultivation, manufacturing, distribution, and sales sides of the business. It established benchmarks with reportable data for 87 unique positions in 41 jobs families/function. With its continued growth and expansion of participation from the industry, it has also begun to analyze demographic breakouts by state, headcount, and revenue.
The final report is available in two tiers:
- The Summary Report – available free to the public; contains high-level trends & analysis along with three data cuts indicating central tendency.
- The Detailed Report – available to current participants, other cannabis companies, and consultants & ancillary/professional service providers; contains more data cuts, percentiles, and demographic breakouts by state, headcount, and revenue (where appropriate).
For more information and to download your copy, please visit: https://content.futuresense.com/2022ccs
The cannabis industry’s job market continues to evolve. The free Summary Report presents an analysis of the current state of the market, including trends relating to the “Great Migration,” the “Great Resignation,” the pivot to hybrid/remote work, and the challenges faced by major MSOs and small, independent, craft, and legacy operators. The Detailed Report presents in-depth data cuts by job and can be used across every facet of business.
Understanding not just how to pay your employees, but also how to attract, motivate, engage, and retain your employees through compensation can be make-or-break in this rapidly evolving industry. 60-70% of companies’ expenses are typically due to payroll. Being 5% on- or off-the-mark could mean thousands or hundreds of thousands of dollars either lost or gained.
The survey’s success is contingent on participation. More and more companies are realizing the value of this information and the importance of transparency through 3rd party surveys. All submissions and their respective data are held in strict confidentiality. Abiding by the Department of Justice regulations, this survey produces anonymous and unbiased results.
The survey accepts organization-wide submissions for cannabis companies with ten or more employees at this time. Individual submissions are appreciated as anecdotal insights but are typically not included in data calculation.
For any questions and/or to sign up for next year’s survey, please email firstname.lastname@example.org or visit: https://content.futuresense.com/2022ccs