How many people do you know that have a smartphone? Virtually everyone I know has a smartphone, and if they don’t, they will sooner than later. And those that have smartphones are constantly buying new ones. So if I said that the marijuana industry will grow faster than the smartphone industry, that would be very, very significant, right? Well that appears to be the case according to a recent report.
According to The Huffington Post:
Legal marijuana is among the fastest-growing markets in the United States, and it’s growing at a rate poised to outpace the expansion of the global smartphone market, according to a new report obtained exclusively by The Huffington Post.
The report also predicts that figure to grow by 64 percent, to $2.34 billion next year. By comparison, recent figures show the smartphone market expanded by 46 percent from 2012 to 2013.
Berg added that his research only examined the sale of cannabis itself, whether wholesale to retailers or directly to consumers. He said that the market for ancillary products, such as security equipment, grow tools, apps and paraphernalia, has the potential to drive growth still further.
The report is not saying that the overall revenue from the marijuana industry is currently larger than the smartphone industry. What it is saying is that the marijuana industry is growing faster than the smartphone industry. If current trends persist, at some point the marijuana industry would be larger than the smartphone industry. Considering how many states sell marijuana, versus how many will be selling marijuana in the future, I don’t see current trends stopping anytime soon.
As the Huff stated, the report didn’t even look at the ancillary marijuana industry, and it will ‘drive growth further still.’ The fact of the matter is the marijuana industry is HUGE, is growing daily, and there is no end in site. Want to invest in something that will possibly make you rich in the future? Look no further than the marijuana industry!