The first ever investor-grade analysis report of the medical marijuana market in the United States found that it will soon rival the market for Viagra.

The report, released Wednesday by the independent financial analysis firm See Change Strategy LLC, found that medical marijuana now has a $1.7 billion market and predicts that it will double in the next five years.

‘Medical marijuana markets are rapidly growing across the country and will reach $1.7 billion this year,’ Ted Rose, editor of the report, said. ‘We undertook this effort because we noticed a dearth of reliable market information about this politically charged business.’

The growth of the market is being driven by increased patient access and the adoption of regulations that facilitate the sale of medical marijuana. The sale of medical marijuana has been legalized in the states of Arizona, California, Colorado, Michigan, Montana, Oregon, Washington, New Jersey, New Mexico, Maine, Rhode Island and the District of Columbia. The possession, usage, purchase, sale, and/or cultivation of marijuana is still prohibited under the federal Controlled Substance Act.

‘Hundreds of businesses exist around the country that cultivate and sell marijuana to customers,’ Rose added. ‘Many of these businesses emerged in the wake of the Obama Administration’s decision to […]