The legal cannabis industry is the fastest-growing in the U.S. says a report from the ArcView Group. In 2014 the industry grew 74% to $2.7 billion from $1.5 billion in 2013. The report projects a 32% increase in 2015 and predicts the trend to continue. Within the next 5 years, 14 more states could have recreational cannabis laws, and two more with medical laws. Ten of those states could see legalization within two years either through legislations or ballot measures.
Surprisingly the largest market in the U.S. is not a state with legal recreational laws, but California, which has only medical laws totaling $1.3 billion. Arizona was however the fastest growing with $155 million, up from $120 million the previous year. Both states expect recreational laws on voting ballots in 2016. Five states have cannabis markets over $100 million dollars, and ins Colorado and Washington, consumers purchased over $340 million in products last year. Oregon and Alaska expect to bring in $275 million combined their first years.
If all 50 states legalize cannabis, the industry would be worth over $36.8 billion and at that size it is larger than the organic food industry. Soon cannabis businesses could be opening in your town, if it isn’t already. Time to get educated!