A budding industry with high demand, but facing legal, manufacturing and consistency concerns, cannabis suppliers see a kindred situation with the natural products industry.

Sandy Almendarez, Natural Products INSIDER

While the botanical has been popular in the United States for centuries, January 2014 saw a bump in cannabis discussion with New York Governor Andrew Cuomo announcing that the state will be the 22nd state to offer medical marijuana to select patients. Plus, Colorado's Amendment 64 was implemented allowing adults (21 years and older) to grow, possess and use marijuana. At the end of February, business was clearly booming in Colorado. Gov. John W. Hickenlooper revamped his budget based on taxes the state has already collected from marijuana sales. He estimated the state’s marijuana industry could produce close to USD $134 million in taxes and fees for the State in the next fiscal year. The estimate proposed to voters when the initiative was on the ballot in 2013 was $70 million.