Legal Marijuana Industry Growing Faster Than Smartphones?
At some point, everyone will have the power of the internet in the palm of their hands. Although the “smart phone” has witnessed a dramatic rise in popularity, it should be a safe bet to assume the industry is poised to continue to be the fastest growing in the future, right? They should be cheaper and easier to use so the market should still be unreachable. Perhaps we should not be so quick to draw that conclusion.
According to Steve Berg, a former managing director of Wells Fargo, this may not be the case. The smart phone industry grew by 46%, when comparing 2012 to 2013, a tremendous increase. However this number is dwarfed by the 64% increase legal marijuana experienced during the same time period. Mr. Berg recently said that “Cannabis is one of the fastest growing industries. Domestically, we weren’t able to find any market that is growing as quickly.”
Of course we do not mean to be misleading. The smart phone industry is considerably larger than legal marijuana. This type of market growth may not expand at such a high rate every year. However, we at marijuana.net were surprised that any industry could experience an almost 20% higher increase than smart phones, even if just this once.
The legal marijuana market is wide open, with more investors and money expected to come on board, especially with the federal government indicating they will soon get around to regulating it. Steve Berg also said “Entrepreneurs and private investors are flocking to cannabis markets. Those who really understand market dynamics will reap large rewards.” We are glad he agrees, marijuana.net has long predicted that the next economic boom will be fueled by green.
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