Tuesday, January 20, 2015 7:33:11 AM
The legalized marijuana industry is now one of the fastest growing businesses in the United States.
The market for legalized marijuana will grow by 64% between 2014 and 2015, the State of Marijuana Markets survey predicted. The survey estimated that $1.43 billion worth of legal marijuana was sold in 2013 and $2.34 billion worth of cannabis could be sold in 2014.
“Cannabis is one of the fastest-growing industries,” the survey’s editor Steve Berg told The Huffington Post. “Domestically, we weren't able to find any market that is growing as quickly.”
Medical marijuana has been legalized in 23 states and the District of Columbia. Recreational marijuana is now legal in two states: Colorado and Washington. The value of the medical marijuana market in Colorado could grow by $359 million in 2014.
Future growth could be even greater; the legal cannabis industry in the United States could be worth $35 billion by 2020, a report from Greenwave Advisors cited by The Washington Post predicted. Greenwave predicts that 12 states and the District of Columbia will legalize recreational marijuana, and 37 states could legalize medicinal marijuana by 2020.
The legal marijuana industry will generate revenues of $21 billion by 2020 if its predictions about legalization prove true, Greenwave reported. The revenues would rise to $35 billion if marijuana was legalized on the federal level.
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