U.S.: Report Says Legalized Marijuana Is Nation's Fastest Growing Industry
By Steve Elliott
Legalized marijuana is the fastest-growing industry in the United States, according to a new report.
The legal cannabis industry expanded 74 percent during 2014, according to the study, from California-based research and investment firm ArcView Market Research, report Chris Oberholtz and Josh Marshall at KCTV.
The market grew from $1.5 billion in 2013 to $2.7 billion in 2014 in combined retail and wholesale sales, according to the data, published in the company's third edition of the "State of Legal Marijuana Markets."
Five states -- California, Colorado, Washington, Arizona and Michigan -- now have cannabis markets greater than $100 million, according to the report.
"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," said Troy Dayton, ArcView Group CEO. "At this point, it's hard to imagine that any serious businessperson who is paying attention hasn't spent some time thinking about the possibilities in this market."
Colorado became the "new epicenter of the industry" as the first active adult use market, according to ArcView, and recorded $805 million total combined retail and wholesale sales.
"I knew it was a historic day," said Toni Savage, who sold Colorado's first legal recreational marijuana as owner and founder of 3D Cannabis Center in Denver. "I knew we were making history. I knew the world was watching."
"I started with one of the small rooms in the basement with lights," Savage said. "Whenever I made more money or was able to get a loan, I would add more lights."
Now, her 3D Cannabis Center is worth an estimated $4 million.