by Douglas Capraro
on February 4, 2015
This article originally appeared on Substance.com.
Legal marijuana is currently the fastest growing industry in the U.S., with last year’s profits reaching a total of $2.7 billion, up 74 percent from 2013, according to new research from The ArcView Group.
They predicted that the weed industry will continue to grow, with 14 more states expected to legalize recreational pot and two more states to legalize medical pot in the next five years. If all 50 states get on board the trend, ArcView predicts legal cannabis could outgrow the booming organic food industry.
“In the last year, the rise of the cannabis industry went from an interesting cocktail conversation to being taken seriously as the fastest growing industry in America,” said Troy Dayton, CEO of The ArcView Group. “At this point, it’s hard to imagine that any serious businessperson who is paying attention hasn’t spent some time thinking about the possibilities in this market.”
See how much progress has already been made in these graphics:
Douglas Capraro is an editorial intern for Substance.com.