They say smartphones are so popular with young people that they're hurting new car sales. So what's hotter than an internet-connected gadget these days?
So claims the latest ArcView Market Research report on “The State of Legal Marijuana Markets.” Just released this morning, the report says that growth in cannabis sales by next year will outpace the growth of smartphone sales:
While weed sales are expected to grow by 64 percent in 2014, smartphone sales will be up 46 percent, the report projects.
Of course, we'll still be spending a lot more on iPhones, Galaxy S4s and the like. The point is the ascendant curve of cannabis consumption here, which will represent $2.34 billion in tokables, says ArcView.
With as many as 16 more states projected to legalize pot, medically or recreationally, it's a growing market, even if L.A.'s own pot shops are being reduced by more than 90 percent as a result of a new law.
Yep, even with a city ordinance aimed at seriously shrinking America's marijuana dispensary capital down to 100 or so shops, California remains the nation's largest pot market, worth nearly $1 billion in sales, the report says.
Arizona represents America's fastest-growing pot market, with projected sales of $134 million next year, says ArcView. Colorado will have a $619 million market next year, it says.
Steve Berg, editor of the report:
… Cannabis is one of the fastest growing industries. Entrepreneurs and private investors are flocking to these markets.
And so are you.