Is marijuana the next great American industry?
By Kirsten Korosec | November 8, 2013, 9:11 AM PST
The pace of growth is even expected to eclipse the expansion of the global smartphone market, ArcView Group CEO Troy Dayton said in the company’s second State of Legal Marijuana Markets report released this week.
The recent legalization of marijuana use by adults in Colorado and Washington is largely what’s driving the market expansion. Adult use in Washington and Colorado is projected to add $359 million and $208 million to their respective markets in 2014.
Fourteen more states including Alaska, Oregon, Hawaii, Maine, California and Arizona are expected to adopt legal adult use laws in the next five years, which would accelerate the market’s growth rate, the report says.
California is already the largest state market at $980 million, according to the report. And the state doesn’t even have an adult use law on the books. California only has a medical marijuana law.
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