Research from a cannabis investment firm, ArcView Group, found the legal cannabis market grew by 74% last year from $1.5 billion in 2013 to $2.7 billion in 2014.
Surveys were sent to hundreds of retailers and other “ancillary” operations in the cannabis industry.
In an interview with the Huffington Post, ArcView CEO Troy Dayton explains:
In the last year, the rise of the cannabis industry went from an interesting cocktail conversation to being taken seriously as the fastest growing industry in America.
One attention-grabbing stat from the report – if marijuana eventually becomes legal in all 50 states, the industry could surpass the organic industry!
In other cannabis-industry news:
- In another sign of the industry’s growing prominence, Tao Capital Partners announced they are funding a cannabis software company. Other Tao investments include the Tesla electric car and SpaceX, a space travel company.
- The SEC is allowing a share registration to proceed for a company that focuses on the cultivation and sale of cannabis. This will allow the company, Terra Tech Corp., to issue stock and access the equity markets. Another company has an application pending with the SEC…