Legal Marijuana Is the Fastest-Growing Industry In the U.S.

Legal Marijuana Is the Fastest-Growing Industry In the U.S.

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January 26, 2015

The legalized marijuana industry is the fastest-growing industry in the country, reports The Huffington Post today. "And if the trend toward legalization spreads to all 50 states, marijuana could become larger than the organic food industry," the article states.

The Huffington Post's announcement comes from a report the news outlet obtained from cannabis industry research and investment firm The ArcView Group, which found that "the U.S. market for legal cannabis grew 74 percent in 2014 to $2.7 billion, up from $1.5 billion in 2013," reports HuffPost.

The ArcView Group based its report on surveys, during 2013-2014, of hundreds of marijuana retailers–medical and recreational–and cultivators, as well as ancillary businesses, state agencies, nonprofit organizations and others.

According toHuffPost, the ArcView Group's report predicts 32-percent market growth this year. And, "Over the next five years, the marijuana industry is expected to continue to grow, with ArcView predicting that 14 more states will legalize recreational marijuana and two more states will legalize medical marijuana," HuffPost reports.