Report: Legal Marijuana Market Poised To Outpace Expansion of Smartphone Market

Estimated $1.43 billion worth of legal pot to be sold in 2013

The market for legal marijuana in the United States is growing at a rate that is poised to outpace the expansion of the smartphone market, according to a new report obtained exclusively by The Huffington Post.

Researchers surveyed hundreds of medical cannabis retailers, processors, dispensary owners and industry leaders over the course of six months this year, and estimated that more than $1.43 billion worth of legal marijuana will be sold in 2013. The report also predicts that figure to grow by 64 percent to $2.34 billion next year. Recent figures show the smartphone market expanded by 46 percent from 2012 to 2013.

"Cannabis is one of the fastest growing industries," said Steve Berg, a former managing director of Wells Fargo Bank and editor of the report, the second edition of the State of Legal Marijuana Markets.