A report being released today shows that the legal cannabis industry is one of the fastest growing industries in America with a compound annual growth rate of 31 percent.

The report was released by New Frontier, in partnership with ArcView Market Research, in the 4th edition of the State of Legal Marijuana Markets

The official 2015 ArcView market estimate is $5.7 billion, up from $4.6 billion in 2014. The growth was fueled primarily by increase in adult use market sales, which grew from $374 million in 2014 to $1.2 billion, a 232 percent year-over-year increase.

“If all the states with ballot initiatives this year were to pass those laws, 9 in 10 Americans will live in a state where the use of cannabis in some form is legal,” said Troy Dayton, ArcView CEO. “That is a staggering number when you realize that it was only two years ago that Colorado was the first state to fully legalize, and last year they generated nearly a billion dollars in marijuana sales.”

The report explores market numbers for all states where cannabis is legal.