Vangst Acquistion Spree Continues – Acquires CannabizTemp

It looks like they are buying up everything they can find, either to become and acquisition target themselves or monopolize the market..

Here’s their press release

May 16, 2024 – Vangst, the cannabis-focused hiring platform, has acquired CannabizTemp, the temporary staffing division of CannabizTeam. The acquisition was 50 percent cash, 50 percent stock, and is 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 hiring needs. Since launching Vangst GIGS Vangst has filled over 200,000 cannabis roles across 19 States. The acquisition of CannabizTemp brings Vangst’s total customer count to over 1,700, and Vangst now services 90 percent of all U.S. multi-state cannabis operators.

“This marks a pivotal moment for both Vangst and CannabizTeam,” said Liesl Bernard, CEO of 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.”

“CannabizTemp was hands down our largest competitor”, said Karson Humiston, Vangst founder and 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 Ms. 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.

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.

https://huntscanlon.com/vangst-acquires-cannabiztemp/

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