Cannabis industry's leading hiring platform Vangst has acquired CannabizTemp, the temporary staffing division of CannabizTeam.

What Happened

The company said on Friday the acquisition was 50% cash and 50% stock and is the first acquisition in the cannabis human resources (HR) space.

The integration of CannabizTemp customers into Vangst will commence immediately.

Why It Matters

The acquisition of CannabizTemp brings Vangst's total customer count to over 1,700, and Vangst now services 90% of all US multi-state cannabis operators.

Vangst said the deal is "not merely a transaction but a strategic alliance designed to leverage the unique strengths of both entities, promoting substantial growth and driving positive change within the cannabis industry."

See also: Cannabis Industry Has Created Nearly Half A Million Full-Time Jobs: New Report Reveals Which States Will See Hiring Surge

The growing trend in hiring will surely be one of the topics at the upcoming Benzinga Cannabis Capital Conference on April 16 and 17, 2024.

Meanwhile, founded by internationally acclaimed executive recruiter Liesl Bernard, CannabizTeam, an executive search firm CannabizTeam has an exclusive focus on the cannabis industry.

"CannabizTemp was hands down our largest competitor," Karson Humiston, Vangst founder and CEO, said. "Liesl and her team built a phenomenal business with a strong and growing customer base, and we couldn't be more excited to welcome the CannabizTemp customers into the Vangst Family."

Bernard, who serves as CEO at CannabizTeam shared Humiston's enthusiasm.

"This marks a pivotal moment for both Vangst and CannabizTeam. It enables us to concentrate on our respective areas of expertise, setting a new industry standard for specialization, providing a comprehensive talent solution to the industry," she said.

What's Next

CannabizTeam will continue operating their executive search business and placing executives into the cannabis industry. As a part of the transaction, Vangst customers will now have access to the Cannabiz Executive Recruiters to support their executive hiring needs.

Vangst launched Vangst GIGS, an on-demand hiring platform, in 2018 to address the cannabis industry’s variable labor and hiring needs. Since launching Vangst GIGS in 2018, Vangst has filled over 200,000 cannabis GIGS across 19 States.

Now read: Hiring Surge Predicted In Cannabis Sector: Top 5 High-Paying Industry Roles In 2024

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