Legal Marijuana Is The Fastest-Growing Industry In The U.S
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.
Over the next five years, the marijuana industry is expected to continue to grow, with ArcView predicting that 14 more states will legalize recreational marijuana and two more states will legalize medical marijuana.
At least 10 states are already considering legalizing recreational marijuana in just the next two years through ballot measures or state legislatures.
The report projects that, by 2019, all of the state-legal marijuana markets combined will make for a potential overall market worth almost $11 billion annually.
Inside America’s Billion-Dollar Weed Business: The Grass is Greener
Pot Is Now a Full-Fledged Service Industry
You see, once the marijuana industry began to boom in 2014 due to legalization in some states, there came about, like any traditional goods-based industry, a fresh crop of for-profit service and infrastructure businesses to support it.
Since then, a successful cannabis ecosystem of financial and other services has been growing like a weed.
Cannabis Industry Business Start-Ups:
CanopyBoulder – a cannabis business accelerator, which is a mentorship-driven, seed-stage investment program for startups in the industry.
Mantis – has a specialty Marijuana Marketing Platform and claims to be the largest cannabis-friendly ad network, reaching more than seven million monthly readers across over 135 publishing partners in the niche.
Eaze – the Uber of pot, a marijuana delivery service that promises to help patients receive medical marijuana easily, quickly, and professionally.
Perhaps the best thing that happened to the industry from an investment standpoint is when PayPal’s Co-Founder Peter Thiel (via his investment firm Founders Fund) made a multi-million-dollar investment in the private equity firm, Privateer Holdings, which has raised $82 million for its cannabis business.