There was over $2.7 billion in legal cannabis sold throughout the United States in 2014, up from $1.5 billion in 2013, according to a report released Monday by ArcView Market Research. The 74% increase makes the cannabis market the fastest growing industry in the country.
According to the report, if every state in the U.S. legalized cannabis the size of the cannabis industry would top $36.8 billion, making it larger than the organic food industry which is worth around $33.1 billion. The group predicts the industry to be worth roughly $11 Billion by 2020.
Here are a few other tidbits of information the report found:
- California has the largest legal cannabis market in the country at $1.3 billion.
- There was $370 million worth of cannabis and cannabis products sold under the new legal cannabis industry in Colorado and Washington
- Over 1.5 million individuals purchased cannabis legally from a state-sanctioned dispensary or cannabis retail outlet in 2014
- Arizona’s has the fastest growing cannabis market, expanding from $35 million in 2013 to $155 million in 2014.
An executive summary of the report can be found by clicking here.