Legal pot sales are projected to beat cereal sales in just two years

Puff, puff, pass... on the cereal.

Legal pot is set to outsell the breakfast of champions, Bloomberg reporter Shelly Banjo tweeted on Tuesday.

In 2019, US sales of legal pot are predicted to reach $11.6 billion, beating ready-to-eat breakfast cereal sales, which are projected to hit $9.3 billion, according to Kenneth Shea, an analyst for Bloomberg Intelligence.

Shea first broke down the figures in an article in November 2016. US marijuana sales are predicted to increase 29% annually until 2020, due to evolving regulation, growing social acceptance, and an aging US population in search of medicinal marijuana.

Meanwhile, the cereal business has hit a slump in recent years.

In 2016, breakfast cereal sales by volume fell 2%, according to Euromonitor data. And, Euromonitor predicts that the decline will only continue, despite companies like General Mills and Kellogg's attempts to revamp recipes and update branding.

Millennials see cereal is seen as inconvenient and outdated. Meanwhile, Gallup reports that 19% of Americans aged 18 to 29 "currently smoke" marijuana — a figure significantly higher than the 13% rate of the US population more generally, Shea notes.

Read Shea's full article on the impact of legalized marijuana here.

RELATED: Marijuana legalization laws by state

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Marijuana legalization laws by state
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Marijuana legalization laws by state

Alabama: Medical use only, otherwise possession is a felony

(Photo: Dennis Macdonald via Getty Images)

Alaska: Marijuana legalized for medical and recreational use 

(Photo: Zoonar/N.Okhitin via Getty Images)

Arizona: Marijuana legalized for medical use

(Photo: Mikel Ortega via Getty Images)

Arkansas: Medical use only

(Photo: Getty Images)

California: Legal for medical and recreational use

(Getty)

Colorado: Legal for medical and recreational use  

(REUTERS/Rick Wilking)

Connecticut: Decriminalized and legalized for medical use 

(Photo: Shutterstock)

Delaware: Decriminalized

(Photo: Shutterstock)

Florida: Medical use only

(Photo: Shutterstock)

Georgia: Medical use only

(Photo: Shutterstock)

Hawaii: Medical use only

(Photo: Shutterstock)

Idaho: Not legal

(Photo: Shutterstock)

Illinois: Decriminalized

(Photo: VisionsofAmerica/Joe Sohm)

Indiana: Not legal

(Photo: Shutterstock)

Iowa: Medical use only

(Photo: Getty Images)

Kansas: Not legal

(Photo: Shutterstock)

Kentucky: Not legal

(Photo: Dorling Kindersley via Getty Images)

Louisiana: Medical use only

(Photo: Shutterstock)

Maine: Legal for medical and recreational use

(Photo: Shutterstock)

Maryland: Decriminalized

(Photo: Shutterstock)

Massachusetts: Legal

(Photo: Shutterstock)

Michigan: Medical use only

(Photo: Shutterstock)

Minnesota: Decriminalized

(Photo: Getty Images)

Mississippi: Decriminalized on first offense

(Photo: Getty Images)

Missouri: Not legal

(Photo: Shutterstock)

Montana: Medical use only

(Photo: Dennis Macdonald via Getty Images)

Nebraska: Decriminalized on first offense only

(Photo: Shutterstock)

Nevada: Legal

(Photo: Shutterstock)

New Hampshire: Medical use only

(Photo: Shutterstock)

New Jersey: Medical use only

(Photo: Shutterstock)

New Mexico: Medical use only

(Photo: Shutterstock)

New York: Decriminalized unless in public view

(REUTERS/Shannon Stapleton)

North Carolina: Decriminalized

(Photo: Getty Images)

North Dakota: Medical use only

(Photo: Shutterstock)

Ohio: Decriminalized

(Photo: Shutterstock)

Oklahoma: Medical use only

(Photo: Shutterstock)

Oregon: Legal for medical and recreational use

(Photo: Shutterstock)

Pennsylvania: Medical use only

(Photo: Henryk Sadura via Getty Images)

Rhode Island: Decriminalized

(Photo: Shutterstock)

South Carolina: Not legal

(Photo: Shutterstock)

South Dakota: Not legal

(Photo: Dave and Les Jacobs via Getty Images)

Tennessee: Medical use only

(Photo: Shutterstock)

Texas: Medical use only, decriminalized in Houston and Dallas

(Photo: Shutterstock)

Utah: Not legal 

(Photo: Shutterstock)

Vermont: Decriminalized

(Photo: Shutterstock)

Virginia: Not legal

(Photo: Shutterstock)

Washington: Legal for medical and recreational use

(Photo: Shutterstock)

West Virginia: Medical use only

(Photo: Getty Images)

Wisconsin: Medical use only

(Photo: Getty Images)

Wyoming: Not legal 

(Photo: Space Images via Getty Images)

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