Report: Cannabis Sales Rise 74% in 2014

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Medical and recreational marijuana sales jumped 74% last year to hit $2.7 billion compared with roughly $1.5 billion in 2013, ranking cannabis as the fastest-growing industry in the United States, according to a new report.

The study estimates that sales will grow another 32% in 2015 and hit $11 billion annually by 2019, the Huffington Post reported.

The report, released by The ArcView Group, assumes that 14 more states will legalize recreational cannabis and two more will legalize medical marijuana over the next five years.

The market data and projections stem from surveys of cannabis businesses during a seven-month period in 2013 and 2014, data from state and local agencies, and information from nonprofits and private companies.