Ready or not, with its legalization in several states and those old-school taboos surrounding weed being febrezed away, a massive dollar sign hangs above Marijuana industry as its potential growth projections outpace the smartphone industry.

In February, two marijuana analysis and investment firms co-released a summary of a report that confirms that there's more underneath the glint of gold. In November, ArcView inked a deal with cannabis industry data analytics firm New Frontier to co-publish its comprehensive yearly report. Instead of simply focusing on recreational and medical sales, the report tracks a wide range of legal marijuana sales, including cannabis products sold through delivery services and medicinal weed "caregivers," who can lawfully grow and distribute the drug. ArcView Market Research is a part of cannabis industry investor network ArcView Group, which provides the most-frequently cited figures and forecasts available for legal pot in the US.

Legal marijuana sales jumped 17%, to $5.4 billion, in 2015 and the...