Blowing minds with financial data in the second edition of the state of legal marijuana markets report (LMMR), an estimated $1.43 billion worth of legal pot was sold in 2013, a figure which is expected to increase by nearly 64% over the next 12 months, to a coffer stuffing $2.34 billion. For comparison’s sake, the international data Corp. said that the smart phone market will increase 21.4% in the US from 2012 to 2013.
In crafting a proper parallel between cannabis and iPhones sales, report editor Steve Berg said his intent was to demonstrate the rapid growth of the cannabis market in relation to a familiar product.
As Mr. Berg informed the slightly stunned Huffington post: “cannabis is one of the fastest-growing industries domestically, we were able to find any market that is growing as quickly.”
The report highlighted the fact that Colorado’s cannabis market has recently been predicted to far exceed the anticipated $359 million in recreational pot sales for 2014. In summary, the report predicted 14 more states will legalize recreational marijuana in the next five years, potentially resulting in a countrywide cannabis market were over $10 billion.
Not a bad shot the arm for the US economy.
These astronomical dollar amounts merely represent retail sales of just cannabis products, not the potential ancillary market. If all of the different types of paraphernalia – bongs, bubblers, pipes, rolling papers – and cultivation supplies were given equal consideration and included in the overall net sales, the growth in the total market value of the marijuana industry would be nothing short of revolutionary.