Quantifying revenue and other information on the marijuana industry used to be impossible. But thanks to legalization in Colorado, Washington, and other states, data on the rapidly growing business is now emerging.
According to a new report from cannabis news site Marijuana Business Daily, the nation’s legal marijuana industry will generate $10 billion by the end of 2015. Only $3.1 billion of the total will be made from cannabis sales, with the balance coming from ancillary products and services. The report is based on a survey of 1,000 business owners and their financial backers.
In Colorado, which legalized recreational pot at the beginning of last year and has become the most country’s most mature and robust market, the industry is estimated to be worth about $2 billion. And with numerous recreational or medical marijuana markets already up and running or soon to be so across the nation, the business is only getting bigger. Earlier this week, the governor of Puerto Rico announced the commonwealth’s medical marijuana program. By 2019, the report found, the value of the industry in the U.S. will total around $30 billion.