Over the last few years, marijuana has been legalized in four states–Alaska, Colorado, Oregon, and Washington, and the District of Columbia. By 2020, one group thinks that number will grow to 18.
The ArcView group, which researches cannabis investment for businesses and investors, has released this map predicting the next states to legalize:
“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,” ArcView’s report summary reads. “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.”
ArcView also predicts the market will grow 32 percent over the next year, and could soon be the fastest growing industry out there. In 2014, the legal marijuana market expanded from $1.5 billion in 2013 to $2.7 billion.
In the next two years alone, the group expects propositions to legalize marijuana in eight more states, including California, Nevada, Florida, and Rhode Island.
Just a few weeks ago, the same group forecast that legal weed could be a $10 billion industry by 2018—and that’s an industry still severely hampered by the federal government’s ban on the substance, which blocks legal businesses from simple necessities like safe banking options. If legalized fully, ArcView believes marijuana could outgrow the $33 billion organic food industry.
“Time” notes that several of ArcView’s projected states are also the states where the Marijuana Policy Project (MPP) is focusing its efforts. MPP was instrumental in advocating for legalization in Colorado. MPP is hoping for wins in 12 more states by 2017.
