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Budding weed industry rolling in profits

Tuesday, Feb 11, 2014 - 01:33

Feb. 11 - Colorado's legalized marijuana industry set to make millions in profits. Julie Noce reports.

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(SOUNDBITE) (English) PETE WILLIAMS, COO OF MEDICINE MAN SAYING: "My future is so bright, I've got to wear shades." Indeed, for Pete and Andy Williams, the CEO and COO of this marijuana retailer in Colorado, the economic future is looking pretty good. After the state passed laws to legalize weed for recreational use, their budding young business, the Medicine Man, has been booming. (SOUNDBITE) (English) PETE WILLIAMS, COO OF MEDICINE MAN SAYING: "I want to have a medicine man in every state that is legal and I think every state will at least go medicinal legal if they don't want to lose their residents. So I want to have medicine man be the Costco or I like to say the Kleenex of marijuana." The pot industry is set to make some $578 million in annual revenues for the state. And economists say that kind of money is bound to draw attention from other states struggling economically. (SOUNDBITE) (English) MAC CLOUSE, PROFESSOR, UNIVERSITY OF DENVER'S DANIELS COLLEGE OF BUSINESS SAYING: "Classic economic thought suggests that if something turns out to be a pretty good deal and profitable and seems to be working well it'll attract entry. So if the Colorado experience turns out to be not as dramatically bad as so people predicted, if it turns out to be a pretty normal business after a while and accepted and run smoothly then I think you're going to see a lot of states saying wow, that was a nice way for them to get $40 million for schools. That would solve some of our problems as well, maybe we better look at this." And it wouldn't stop there. The weed biz would have a trickle down affect to other industries like commercial real estate and business consulting. And companies like this one ... 710 Labs. They process left over marijuana plant parts and trimmings into other products like hash oil and wax, also known as shatter. Time will tell how much or little success the industry has in other states. But for now in Colorado at least it's a win-win with customers rolling joints and retailers rolling in profits.

Budding weed industry rolling in profits

Tuesday, Feb 11, 2014 - 01:33

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