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.
The report’s near-term estimates are similar to those in the 2014 Marijuana Business Factbook, which projected sales of up to $2.6 billion last year and as high as $3.3 billion this year.
Marijuana Business Media, the parent company of Marijuana Business Daily and publisher of the Factbook, is currently surveying business owners to gather financial data on the cannabis industry for its 2015 report.