When it comes to fast-growing industries, there may be none with better growth prospects than marijuana. Based on some estimates, legalizing marijuana across the country could lead to a $35 billion market. Separately, NerdWallet has suggested that legalizing marijuana would generate around $3.1 billion in annual tax revenue for states and potentially the federal government.
Where are we now? Colorado recently announced that monthly marijuana sales topped $100 million for the first time ever in August, putting its marijuana industry on pace for more than $1 billion in annualized sales. In Washington state, retailers sold slightly more than $257 million over the first trailing year of recreational marijuana sales. Oregon just started selling recreational marijuana legally as of Oct. 1, 2015, and shops there registered about $11 million in retail sales during its inaugural month.
In other words, the U.S. marijuana industry right now is likely generating around $1.5 billion to $2 billion in annual sales, inclusive of medical and recreational marijuana, but could still have growth potential of around 2,000% based on those aforementioned estimates.