Cannabis Industry is Fastest Growing in the U.S.
January 26th, 2015
Policy, Top News
The U.S. legal marijuana industry is the fastest growing industry in the United States, according to a new report by ArcView Research. After surveying hundreds of medical and adult-use marijuana retailers throughout the U.S., the research group found that the industry grew 74% to $2.7 billion in 2014. These growth rates make it the fastest growing major industry in the U.S. by a significant margin, even given its increasing size.
“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, CEO of The ArcView Group in the executive summary of the latest State of Legal Marijuana Report. “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.”
While California and Colorado account for the majority of the market, the report highlights many other states that are projecting strong growth. Washington State marijuana sales are expected to reach $252 million in 2015, while the State of Nevada is projecting 341% growth in its recently legalized marijuana industry. These trends have sparked tremendous investor interest in marijuana companies throughout the public and private sectors.
The Founders Fund, a venture capital firm founded by PayPal co-founder Peter Thiel, recently announced its multi-million dollar investment in a cannabis-focused private equity firm called Privateer Holdings. With many critics of unsavory public companies operating pump-and-dump schemes in the space, the investment by one of the world’s most respected early-stage investors certainly provides the industry with some much-needed credibility.
There has also been growing speculation of a marijuana-focused exchange-traded fund (“ETF”) that would provide investors with diversified exposure to the space. By holding a diversified basket of cannabis companies, weighted by market capitalization or other factors, investors interested in building exposure into their portfolios could simply purchase one security rather than trying to identify winners from every corner of the market.
In the end, the cannabis industry’s rapid growth and the ongoing favorable legalization efforts have led to increasingly strong investor interest in the space.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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