According to research from the report, legal marijuana is the fastest growing industry in the United States, growing more than 70% in 2014 to $2.7 billion, up from it's 2013 reported gross of $1.5 billion.
In the executive summary of the third edition of the State of Legal Marijuana Markets, CEO of the ArcView Group, Troy Dayton, makes the claim, backed by statistical data, that legal marijuana is now "the fastest growing industry in America." He goes onto state how "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."
During the study, hundreds of medical and recreational marijuana dispensaries were surveyed in legal states as well as cultivators, agencies, and organizations in order to give the most transparent information regarding the industry.
To sum it up nicely, nothing besides exponential growth is expected from the marijuana industry in the years to come. Out of the 16 states that ArcView expects to legalize recreational and medical marijuana, at least 10 of those states have already began the process of considering putting legal marijuana on ballot measures for upcoming future elections.
By 2019, the report indicates that all medical and recreational marijuana markets in the U.S. will be worth nearly $11 billion annually, not including sales from smoking accessories that accompany marijuana use such as glass pipes, vaporizers, and rolling papers.
Although California still tops the charts as the state having the largest reported market-share of legal cannabis activity, despite only being legalized for medical purposes, if all 50 states were to legalize, the total market value of cannabis is expected to hit 36.8 billion, which, according to the ArcView, would out-perform the organic food industry.
Although these numbers seem astronomical, the data and research done behind them can no longer be ignored.
As CEO Troy Dayton concludes in his executive summary of the report, "these are exciting times, and new millionaires and possibly billionaires are about to be made, while simultaneously society will become safer and freer."