Here’s how big the legal pot business will be by 2020
Legal marijuana is already big business in America. Colorado alone sold more than $700 million worth of legal weed in 2014, its first full-year of legal recreational and medical sales. Three other states and the District of Columbia have legalized recreational marijuana. Twenty-three states and Puerto Rico have legalized medical marijuana, and revenue for the industry as a whole has been growing nearly 34% a year for the past five years. And it’s only expected to keep growing.
These five numbers show just how big legal American marijuana could be in five years.
$13.4 billion
Marijuana is what the research firm IBISWorld calls a growth sector, and it expects legal marijuana to generate $13.4 billion in revenue in 2020, up an annualized 30.3%. Legal marijuana is expected to generate about $3.6 billion in revenue this year alone. Recreational marijuana sales are driving much of the revenue gains, but the medical sector...
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