Retail sales of regulated products in the U.S. reached $30.1 billion in 2024 — a 4.5% increase over the previous year — according to the third annual Vangst Jobs Report, produced in partnership with Whitney Economics. Despite this sales growth, overall employment within the industry dipped by 3.4%, reflecting a loss of more than 15,000 full-time positions.
The report estimates that the sector now supports approximately 425,002 full-time roles nationwide. While the decline in jobs may seem concerning, analysts suggest it signals a shift toward greater operational efficiency in a maturing market.
“This recalibration reflects a maturing industry focused on sustainability and efficiency,” said Karson Humiston, Founder and CEO of Vangst. “Despite a slight decline in jobs, the sector remains one of the nation’s leading employment engines, and with revenue projected to grow more than 13% in 2025, the outlook is strong.”
Beau Whitney, Chief Economist at Whitney Economics, echoed the sentiment, noting that operators are adjusting hiring strategies while navigating complex market conditions. “With $30.1 billion in retail sales and major job growth in new markets like New York and Ohio, the long-term outlook remains incredibly strong,” Whitney said.
Looking ahead, the report forecasts another 13.1% growth in 2025, pushing total revenue to an estimated $34 billion. Emerging markets such as New York, Mississippi, and Ohio are expected to be key drivers of that growth.
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