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visit colorado these days and you can smell change in the air it's the scent of legal marijuana for recreational use if you're a resident 21 or older you can walk into a state licensed store and buy up to an ounce of pot tourists are limited to a quarter ounce Colorado has allowed medical marijuana since 2001 but in 2012 voters amended the state constitution to allow recreational pot and gave the government one year to make it work one year to make it work this is Casey stark CEO of the marijuana business academy with a review of tonight 60 minutes focus on Colorado and the marijuana industry let's look at the facts after 77 years of prohibition Colorado has proven in 12 months that regulating marijuana like alcohol has both benefits and challenges the numbers do speak for themselves a hundred and thirty metric tons of Colorado groaned cannabis sold 246 million dollars of recreational marijuana sold 326 million dollars of medical marijuana sold over 60 million dollars collected in taxes licenses and fees over 16,000 new jobs created 60 minutes smells the scent of weed I smell opportunity what does the governor have the city in the beginning you didn't think it was a good idea no I posted you know what I posted i think even after the election if I'd had a magic wand I could wave the wand I probably would have reversed it and had the initiative fail but now I look at it I'm not so sure I do that knew if I had such a wand I mean I think we made a lot of progress and you know still a lot of work to be done but I think we might actually create a system that can work there is no magic wand but after several suggested cases of edibles binge eating Colorado has reacted within months with new edibles limits and labeling standards setting up at ten milligram TAC limit per serving proving once again that open end parent sales are much easier to regulate then the black market dealers don't use labels or limits or check IDs 60 minutes also pointed out the seed to sale tracking abilities and quality controls that monitor marijuana in Colorado from seed to sale using state-of-the-art RFID especially software and old-fashioned hard work Colorado has created massive markets for both marijuana and technology solutions of all the issues facing industry the golden Grail is banking while the government's from town councils to Department of revenues from the meed to the IRS gladly take our money they have access to banking the industry as a whole does not in the words of Colorado's governor hickenlooper if you want to ensure crime make it a cash business the state of Colorado has submitted a request to the feds to allow a Colorado State cannabis credit union while banking has always been an issue it seems that the Attorney General's of Nebraska and Oklahoma would rather sue Colorado for their problems than in the injustice of cannabis prohibition and a policy of incarceration soon the Supreme Court will decide either to accept or refuse the case with 23 states in the District of Columbia having medical marijuana laws for states with recreational marijuana legislation it would be a challenge to put the marijuana genie back in the bottle yet elections are coming and cannabis remains illegal at the federal level is the sky falling is business thriving I think Megan says it best I do remember when this is rolled out everyone's thought that the sky was fall still there it didn't fall and business is thriving and the customers are still coming through the door so clearly if I'm looking at my business and I'm looking at those around me the consumer is saying yeah this works this is Casey stark and and the prohibition begins with you