This week saw the release of a report by the ArcView Group which showed that the marijuana industry is the fastest growing industry in America. The marijuana industry is growing so fast and will likely become so large that it could eventually get bigger than the organic food industry. I eat a lot of organic foods, as does a lot of my family and friends, and to think that an industry that once only operated in the shadows could rise to that level is outstanding. Per the Huffington Post:
Legal marijuana is the fastest-growing industry in the United States and if the trend toward legalization spreads to all 50 states, marijuana could become larger than the organic food industry, according to a new report obtained by The Huffington Post.
Researchers from The ArcView Group, a cannabis industry investment and research firm based in Oakland, California, found that the U.S. market for legal cannabis grew 74 percent in 2014 to $2.7 billion, up from $1.5 billion in 2013.
The group surveyed hundreds of medical and recreational marijuana retailers in states where sales are legal, as well as ancillary business operators and independent cultivators of the plant, over the course of seven months during 2013 and 2014. ArcView also compiled data from state agencies, nonprofit organizations and private companies in the marijuana industry for a more complete look at the marketplace.
Marijuana is mainstream, and the momentum for marijuana reform across the country will continue to build. That is a great thing for justice, and a great thing for entrepreneurs. I'm tremendously excited and optimistic for what the future holds for this emerging industry. Are you trying to get into the industry? Or are you already in the industry? Are you excited too? Where do you see the marijuana industry 5 years from now? 10 years from now? 20 years from now? The future for marijuana is very bright. Very bright indeed.