This past Sunday evening ’60 Minutes’ decided to check the status on a story they had previously aired on the state of Colorado’s Legal cannabis industry, revisiting Colorado as a way to see what has occurred since their last visit. The story gave a broad spectrum of the industry, yet by trying to conceal so many sections of this industry, that various parts were left out.
The ’60 Minutes’ segment, called ‘Colorado Pot’, documented that it is not as simple as it looks to make a profit in legalized cannabis, but then like many of these common stories, focused in on a large safe with stocked with money. The public made the assumption that because these businesses are awash in money that they will be seeing a heavy profit.
That is not always the case. The segment did share a brief moment on the seed to sale software, but did not touch on the fact that for the large warehouse full of cannabis plants displayed in the story, the software company could be charging from a range $0.25 to $0.45 an RFID or bar-code. These bar codes cannot be reused again and a large grow op like the one aired on the special that is cultivating thousands of cannabis crops is spending thousands for product tracking.
The special was precise in illustrating the trouble these business owners face in searching for a bank. Most major financial institutions will not take customers involved in the legal marijuana business and some of the state-chartered banks that were intervening are currently pulling back. Initially, they are worried about the new Attorney General Loretta Lynch who is not for legalizing marijuana.
Another obstacle for some in the industry is finding insurance. ’60 Minutes’ most likely prepped this segment prior to airing and maybe they didn’t have the opportunity to update it with the most current news on insurance for the marijuana industry.
Though ’60 Minutes’ did a proper job explaining how legal cannabis is increasing Colorado’s financial gains. There is even more to it than what the story revealed Marijuana Business Daily identified that for every $1 dollar that is used on legal marijuana, minimum of an additional $2.60 of economic value welcomes its position in the American economy.
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