Legalized marijuana is the fastest-growing industry in the country with 74 percent market growth from 2013 to 2014, according to a report released Monday.

ArcView Market Research has published its third State of Legal Marijuana Markets report, showing that the industry reached $2.7 billion in total sales nationwide last year, up from $1.5 billion in 2013.

The report also predicts the marijuana market will continue to grow in the coming years, driven by the trend of more states legalizing marijuana, either for medical or recreational use, or both. The maturation of marijuana markets in states that have already legalized its use will also contribute to overall growth, the report said.

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