After successfully launching a Cannabis chemistry program, Lake Superior State University continues to define innovative programming by launching a baccalaureate of science in cannabis business. The cannabis business degree provides students with the knowledge and skills necessary to obtain meaningful employment in the booming cannabis industry. Through the foresight of LSSU Lukenda School of Business faculty leadership recognizing the demand for qualified candidates in this multibillion dollar industry, the cannabis business program was designed for future managers, supervisors, and business developers within a commercial enterprise.
LSSU is preparing the next generation for jobs, many of which are in the brand new legal cannabis industry. 62% of the general public support full legalization, and according to an article from February in The Boston Globe, all 2020 presidential candidates also support legalization. Ten states have legalized cannabis for adult use, while an additional 33 have legalized medicinal cannabis for adults. Plus, let’s not forget our neighbors to the north, as Canada legalized cannabis in 2018. This has created the need for qualified candidates in product development, marketing, consulting, and lobbying, as well as individuals familiar with the overarching laws and policies in accounting, banking, and real estate in cannabis and hemp businesses.
In the U.S., the cannabis market is set to create more than 500,000 jobs by 2022, outpacing healthcare and technology sectors. Estimates in Michigan alone predict legal cannabis spending could surpass $1.3 billion in 2022 and employ almost 28,000 people. In Canada, they are estimating at least 1,700 open positions in the cannabis industry and that the industry could create as many 125,000 jobs in the next few years. With the legalization of cannabis in both Canada and Michigan, there is a growing need for business leaders who have a firm understanding of the laws and policies inherent in this industry. With these changing tides, LSSU is strategically positioning itself to the forefront of this emerging market, preparing the next generation of cannabis scientists and business leaders.
“Preparing students for tomorrow is our goal, and with a projected annual growth rate of over 28%, and sales reaching $47 billion in the next decade, LSSU Cannabis Business graduates will have the skills and knowledge to take the lead in this emerging industry.” – Ralf Wilhelms, Lukenda School of Business Professor
The foundation of this innovative program cultivates a hybrid of business management courses with the principles of cannabis-specific business functions and operations. This transforms a traditional business degree into a cannabusiness degree, fast tracking graduates for a wide range of careers both in, and adjacent to, this progressive new industry.
Throughout the curriculum, classes such as Cannabis Business Policy and Cannabis Economics prepare graduates to face unique issues related to state, federal, provincial, and international laws. These are evaluated and analyzed in order to plan, develop and operate cannabis businesses within legal constraints. These courses, along with the common business core courses, provide graduates with the knowledge, training, and practical experience required to become successful in this burgeoning market.
“Our core mission is to equip graduates with knowledge and practical skills for meaningful employment in Michigan and across the nation,” says LSSU President Rodney Hanley. “Our cannabis business graduates will become the next generation of leaders in this rapidly evolving industry.”
Lake Superior State University has a solid track record for training graduates who have gone on to enjoy successful careers. 94% of LSSU business grads, and nearly 100% of chemistry grads, find gainful employment in public and private-sector jobs or admission into graduate school within one year of graduation.
To learn more about this new program, visit LSSU.edu/cannabisbusiness