pro pot lobbyist, described as the don draper of pot. does he look as good in a suit? you judge. a state like california netted up to $105 million in 2012 on taxes from medicinal marijuana alone, which is already legal. are they missing out on a big opportunity to legalize recreational marijuana and benefit from potentially hundreds and millions of dollars more? without a doubt. you know, this is an incredibly popular product. right now it s being largely sold in an underground market where it is going to cartels and other criminal enterprises when it could be going to legitimate tax paying businesses creating legal jobs and really putting that money back into our community. let s talk more about that. in colorado, that money is going to schools, big chunk of it. specific earmark for building of schools and what kind of economic could you see it
think the information was compromised with the reports that the hackers using this code from the russian mob, what are you thinking? who are these people? are. what the hackers were doing is they bought this code called the black pos or point of sale. you can buy it or give the hackers 50% of the profit. this is a big underground market where hackers are developing this code ask hit retailers to funnel it back. they are doing analysis on how it occurred. they traced it back through a couple of servers that connected back to russia. a lot of the coat and things like that were in russian as well. it s evident that it came from an organized crime unit in russia. the going rate for credit cards is about $1.50 for the cards being cold on the black mard. $1.50? that s it? that s it. your credit card out there is
reform, war on drug kind of crimes perspective. how much does this change that in the state of colorado? well, this is eventually going to eliminate the underground marijuana market for adult use. basically we re going to have retail marijuana stores that are open and available to people. they simply have to show proof of age in order to make a purchase. and in doing so they will not have to go to the underground market where they might be exposed to other illegal drugs and they won t be giving their money to criminals. how important is this from a kind of local economic impact perspective? how much does colorado expect to benefit from this? according to the state s legislative council, this is supposed to generate upwards of $70 million annually just in this first year alone. the first $40 million raised by one of the taxes that s been imposed is going to benefit the state s public school construction program. so that money that would otherwise be going into the underground mark
systems across the country. think about for a second, what would you do with data from 40 million credit and debit cards item you don t use that yourself. you sell it. to people who want to make fake cards or otherwise make a profit. and the cards aren t hard to buy. bloomberg reported in 2011 that stolen credit cards could be purchased at an amazon-like online bazaar for just $3.50 each. there s a massive underground market for this stuff. and the target hack is just the latest big theft. back in 2007, thieves stole data from up to 90 million cards from t.j. maxx and other chains. since then, data has been stolen from an online video game network and a payment processor, among many others. in july, prosecutors charged six foreign nationals of stealing 160 million credit card numbers, resulting in losses in excess of $300 million. and while this criminal black market is incredibly disturbing, it is not the whole story. indeed, the illegal market is probably dwarfed by the
40 million americans who shopped at target stores between thanksgiving and december 15th may have had their information stolen and now may need new security p.i.n.s, passwords, or cards. you did not mishear that number of stolen credit and debit cards. 40 million people. and while full details are not out yet, sources tell brian krebs, who broke the store, the information was stolen from the magnetic stripe of cards used at stores. they thieves hacked into the checkout system for 1,800 systems across the country. think about for a second, what would you do with data from 40 million credit and debit cards item you don t use that yourself. you sell it to people who want to make fake cards or otherwise make a profit. and the cards aren t hard to buy. bloomberg reported in 2011 that stolen credit cards could be purchased at an amazon-like online bazaar for just $3.50 each. there s a massive underground market for this stuff. and the target hack is just the