A new report from The Arcview Group, a premium investment and research firm based in Oakland, California, has found that the legal marijuana industry is currently the fastest growing industry in the U.S. In fact, from 2013 to 2014, the legal weed market grew from $1.5 billion to $2.7 billion — an increase of 74 percent.
Arcview researchers surveyed hundreds of retailers in the medical and recreational industries across the country. The group also looked at ancillary businesses to judge their economic involvement, in addition to data recorded by state agencies, nonprofit organizations, and private corporations about the marijuana sector for a more complete picture.
“In the last year, the rise of the cannabis industry went from an interesting cocktail conversation to being taken seriously as the fastest growing industry in America,” said Troy Dayton, CEO of The ArcView Group. “At this point, it’s hard to imagine that any serious businessperson who is paying attention hasn’t spent some time thinking about the possibilities in this market.”
The report predicts that in the next five years, two more states will likely legalize medical marijuana and up to 14 could pass recreational legislation. By 2019, all state-legal cannabis markets combined could surpass a whopping $11 billion.
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