OK, it’s an apples and oranges comparison, but that doesn’t stop it from grabbing eyeballs. Arcview Market Research is reporting today that $1.43 billion in legal marijuana will be sold this year, and revenues will grow to $2.34 billion in 2014, a growth rate of 64 percent. By comparison the smartphone market grew 46 percent from 2012 to 2013.
“Cannabis is one of the fastest-growing industries,” said Steve Berg, a former managing director of Wells Fargo Bank and editor of the report, the second edition of the State of Legal Marijuana Markets. “Domestically, we weren’t able to find any market that is growing as quickly.”
The report predicts that 14 more states will legalize marijuana for recreational adult use in the next five years, creating a potential $10.2 billion cannabis market by 2018.
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