Vangst has officially acquired CannabizTemp, the temporary staffing division of CannabizTeam. The acquisition was 50% cash, 50% stock. The company called it the first acquisition in the cannabis HR space.
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. The acquisition of CannabizTemp brings Vangst's total customer count to more than 1,700, and Vangst now services 90% of all U.S. multi-state cannabis operators.
"CannabizTemp was hands down our largest competitor," said Karson Humiston, Vangst Founder & CEO. "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".
CannabizTeam is an executive search firm, founded by internationally acclaimed executive recruiter Liesl Bernard, exclusively focusing on the cannabis industry. CannabizTeam will continue operating their executive search business, and continue 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.
The integration of CannabizTemp customers into Vangst will commence immediately, spearheaded by a commitment from both teams to ensure a smooth and efficient transition. This acquisition is a testament to the strategic foresight of both entities, embodying the principle that collaboration and a focused approach to core strengths are essential for innovation and positive impact in the cannabis staffing industry.
Vangst's acquisition of CannabizTemp arrives at a point of continued growth for the legal cannabis industry in the U.S. More than 440,000 people have full-time jobs in the cannabis industry and this number is expected to triple over the next five years.
