Study Shows 74% Growth In Cannabis Industry In 2014

It seems like years since an entirely new market emerged in the U.S., but the cannabis industry has quickly become one of the fastest growing sectors in the states.

While critics point to the drug’s initial growing pains as warning signs ahead, many see the industry continuing to expand over the next 10 years as more and more states implement legislation to allow both recreational and medical use.

2014 A Bumper Year For Growth

The ArcView Group conducted a study which showed that the legal cannabis industry grew 74 percent in 2014, making it the fastest growing market in the U.S. Colorado, the first state to legalize recreational use of the drug, saw $805 million worth of sales in 2014; $315 million of which came from recreational sales.

As a whole, the U.S. generated $2.7 billion worth of retail and wholesale sales, nearly half of which came from California.

Bright Future

The study saw sales in states that legalize marijuana increasing by $10.19 billion through 2019 and predicted that 14 additional states would pass new legislation to allow adult use of the drug by 2020.

While California currently boasts the largest medical marijuana market in the country, ArcView sees Arizona as the state with the most growth potential in that arena.

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In 2014, the state’s medical marijuana market expanded by 300 percent, the highest rate of growth in the U.S.

Presidential Support

In a YouTube interview following his State of the Union address, President Barack Obama was also positive about the marijuana market’s growth. He said he sees more states following in the footsteps of Colorado and Washington state by allowing recreational adult use.

Obama also commented that the federal government is examining how to make the use of cannabis a health issue rather than a criminal problem.

Check out President Obama's YouTube interview below: