Cannabis staffing company Vangst acquires ‘largest competitor’

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Vangst, a major cannabis industry staffing platform, acquired CannabizTemp in what is believed to be the first such move in the marijuana human resources sector.

CannabizTemp is the temporary staffing division of CannabizTeam, an executive search firm headquartered in San Diego.

A price tag for the acquisition was not disclosed, but the deal was “50% cash and 50% stock,” according to a Friday news release.

“CannabizTemp was hands down our largest competitor,” Karson Humiston, Vangst’s founder and CEO, said in a statement.

The acquisition likely will strengthen Vangst’s temporary staffing division, known as Vangst Gigs.

Since launching in 2018, Vangst Gigs has filled more than 200,000 gig jobs in 19 states, according to the release.

With the acquisition of CannabizTemp, Vangst brings its total count of business customers to 1,700-plus and “now services 90%” of all marijuana multistate operators, the release noted.

CannabizTeam will continue its executive search business for the industry.

As a part of the transaction, Vangst customers will have access to CannabizTeam’s executive recruiters.

The cannabis industry employs more than 440,000 workers on a full-time basis, according to the release, and that “number is expected to triple over the next five years.”