We tossed around so many puns for the title of this article. Too easy. Marijuana is the fastest growing industry in the US? One thing we have been claiming out loud here for years, the vape industry (and the marijuana industry as a whole, really) has ‘smartphone potential, and porn industry problems…’ and if we don’t mind brushing the dust off our shoulders a bit, INC.com is reporting that the legal marijuana business is poised to surpass the smartphone industry as far as profits go.
The report, by ArcView Market Research, the research arm of cannabis-focused angel investor network the ArcView Group, finds that the U.S. cannabis industry has a value of $2.7 billion. That’s a 74 percent increase from 2013, making it the fastest-growing industry in the country.
If all 50 states were to legalize sales of recreational marijuana, the market would be larger than the organic food industry, with a value of $36.8 billion, ArcView’s “State of Legal Marijuana Markets” report finds.