Medical marijuana a blockbuster drug

Medical marijuana is now a $1.7 billion market, according to a report released Wednesday by See Change Strategy, an independent financial analysis firm that specializes in new and unique markets. The figure represents estimated sales of marijuana through dispensaries in states with medical marijuana laws. It is the first time a definitive dollar figure has been given to the emerging medical cannabis industry.

To put that number in perspective, sales of medical marijuana rival annual revenue generated by Viagra, a $1.9 billion business for Pfizer.

The rising sales are generating growing interest from entrepreneurs and even some venture capitalists as the medical marijuana market is expected to nearly double in the next five years just in the 15 states where the drug has some protection under the law. If another 20 states pass medical marijuana laws -- as the study projects is possible -- the market could grow to $8.9 billion in 2016.