According to HuffPo, more than $1.3 billion will be spent on legal cannabis in 2013 in the U.S, and a growth of up to $2.34 billion next year. That’s a growth rate of about 64 percent. By comparison, smartphone industry has only grown by 46 percent at its largest.
“Domestically, we weren’t able to find any market that is growing as quickly,” Steve Berg, researcher on the report and former managing director with Wells Fargo banks.
Currently, marijuana is legal in one form or another in 20 states across the U.S. with Washington and Colorado leading the charge with legalized, regulated sales of limited amounts of cannabis. That number could be growing by the end of 2014, with many more states considering both recreational and medical cannabis laws.
Acceptance levels for cannabis use and legalization are also growing. A Gallup poll released last month showed that more than half of the country wants to legalize marijuana. As more and more youth votes go towards lenient marijuana policies, the markets will continue to shift.
So what does this all mean? That people who want to make money in legal cannabis have an industry ripe for the pickings.
“Entrepreneurs and private investors are flocking to cannabis markets,” Berg told HuffPo. “Those who really understand market dynamics will reap large rewards.”