Americans spent $5.4 billion on legal medical marijuana last year, according to a recent article published in the Washington Post, more than the combined total spent on Doritos, Cheetos and Funyuns, which was $4.9 billion.
“The total includes over $1 billion in medical marijuana sales in California, nearly $1 billion in legal marijuana sales in Colorado, and more than a half-billion dollars in sales in Washington state.”
ArcView, the research firm that conducted the study, anticipates legal sales to grow 30 percent annually over the next five years as more states legalize marijuana for medicinal use.
“A 30 percent annual growth would put the legal marijuana industry at something like $22 billion in annual revenue, according to ArcView. ArcView is encouraging investors to jump in: ‘Legalization of cannabis is one of the greatest business opportunities of our time, and it’s still early enough to see huge growth,’ the group writes in the introduction to it’s report on new marijuana sales estimates.