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People in the US and Canada spent over $53 billion on marijuana in 2016





"The enormous amount of existing, if illicit, consumer spending sets cannabis apart from most other major consumer-market investment opportunities throughout history," Dayton said in a statement. Unlike other fast-growing markets, which include organic foods, home video, and mobile, "the cannabis industry doesn't need to create demand for a new product or innovation — it just needs to move demand for an already widely-popular product into legal channels."

In an interview with Business Insider earlier this month, Dayton said the sudden popularity of alternative ingestion methods — such as weed-laced topicals, sprays, and edibles — also fueled growth in the legal market. Consumers who would never smoke a joint are finding relief in other products, which offer a wide array of tastes, strengths, and experiences.

The legal weed market is growing as fast as broadband internet in the 2000s

Adams and Dayton predict a great number of countries will legalize pot in the next 10 to 15 years.

"So when you look at the global market, the world has never seen something that will have such consistent growth over such a long period of time as the cannabis industry," Dayton said.