March 25, 2014
The U.S. cannabis market is slated to grow 64% to $2.34 billion this year and upward to $10.2 billion in five years, thanks to 20 states making medicinal marijuana legal and Washington and Colorado the first to embrace it recreationally.
According to a study by Colorado State University, some 665,000 residents of the state will use the drug recreationally in 2014, now that they won’t be breaking any laws. In terms of quantity, the study estimates that each user will smoke 3.53 ounces this year or 2.3 million total ounces — in Colorado alone.
Even conservative Canada is joining the party. As of April 1, the country will allow licensed producers to grow medical marijuana on a commercial scale. Health Canada estimates the market could be worth $2.6 billion by 2016. Combined with the U.S., that would create a $5 billion-plus North American boom.
In other words, marijuana is big business and only getting bigger.