Goldman sachs. I worked here for a long time. Cooper when people leave Goldman Sachs, they tend to leave quietly. They rarely talk about the inner workings of the firm, let alone criticize them. But seven months ago, a Young Goldman SachsVice President did just that, resigning in an article on the oped page of the New York Times. So an oped resignation, you hoped it would be a wakeup call. My view is the only way you force people to change a system is by saying something publicly. Ive always wanted to tell a story about lincoln. Stahl Steven Spielbergs new film lincoln focuses on our 16th president s almost Impossible Task of passing the 13th amendment abolishing slavery. The director researched the project for 12 years and cast oscarwinning actor Daniel Day Lewis as abraham lincoln. Bloods been spilt to afford us this moment. Now, now, now i think the film is very relevant for today. Its about leadership. Stahl leadership. And about telling the truth. Im steve kroft. Im leslie stahl. 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In some states, theyll be passing judgment on social issues. In oregon, washington, and the Rocky Mountain state of colorado, its the legalization of marijuana. Part of this has to do with cashstarved governments looking for new things to tax for more revenue. But much of it has to do with the growing acceptance, or at least tolerance, for a drug that was once considered the devils weed and a flash point for cultural and generational warfare. 17 states have now legalized its medical use for the treatment of things like glaucoma, the effects of chemotherapy, and chronic pain, defying federal laws that still consider marijuana more dangerous than cocaine and methamphetamine. If you want to know what legalized marijuana might look like, the place to go is colorado, which has the most developed medical Marijuana Industry in the country. In denver, if you want to find a medical marijuana dispensary, just look for the green cross. You wont have to go far. There are 204 of them in the mile high city; thats roughly three times the number of starbucks and mcdonalds combined. They come in all sizes and shapes. There is the Health Food Store motif, and 70sstyle head shops. There are storefronts pitching lowcost weed, and boutiques offering gourmet ganja. No stems and seeds here, just walnutsized buds freshly harvested in the cultivation room out back. Matt cook when patients arrive, this is where theyll have to show their patient registry card and their drivers license to gain access to the actual Marijuana Center itself. Kroft you can smell it. This is all private enterprise, licensed, regulated and taxed by the state. It was enshrined in the colorado constitution after voters approved an amendment allowing the sale the marijuana to people who can demonstrate that they may benefit from its avowed medicinal properties. Matt cook, a former narcotics officer, wrote the law and served as the states first director of enforcement. Cook if youll note, video security cameras in the system. In the ceiling. Kroft any reason for that . Cook there is. We created a very transparent regulatory scheme and wanted to ensure that what they said they were doing, they were actually doing. Kroft no state has gone to the lengths to manage medical marijuana that colorado has. Every licensed dispensary must grow at least 70 of its own product indoors, so harvesting and sales can be closely monitored. This crop is worth about a quarter of Million Dollars. Cook we track everything from seed to sale. And they have to account for 100 of it. Weve got a gentleman here that has a live, if you will, Software Program that does all of the tracking for this commodity. Kroft each plant has a bar code and is registered to a specific patient. Most dispensaries will cultivate a couple of dozen different strains some of them proprietary, like ales at a microbrewery engineered to have particular characteristics, as our budtender, carrie, explained. Carrie this is called jack frost, but its a triplea alert, awake, and aware. If you needed to medicate in the a. M. Before going to work, no one would ever be able to detect that you took any medicine, just as you would any other medicines that you take. So no physical lethargy, is my point. Kroft we should point out that those properties are anecdotal, and not based on studies by either the f. D. A. Or the d. E. A. , a subject we will get to shortly. There is also no correlation between the more popular brand names and the ailments they alleviate. Dopium is a medication available at denver relief, owned by ean seeb. Its gotten high marks from critics yes, there are medical marijuana critics in colorado, even competitions. You won the Colorado Medical Marijuana harvest cup couple of years ago . Ean seeb we did in 2009. And our biodiesel won five out of the six categories and first place. So we won the overall award. It was a sweeping victory, if you will. And then we put. Kroft biodiesel . Seeb yeah. Kroft thats the name of it . Seeb yes, it is. And its. Its become. Kroft doesnt sound like medicine. Seeb theres a lot of strains out there that dont sound like medicine, because this didnt used to be legal. And those strain names have not changed, you know, strains back in the 70s. You know, there was afghani that we still have, ak47 that came from the hindu kush region of afghanistan originally. Kroft but its not all brand loyalty and nostalgia. There are lots of new things on the dispensary shelf, especially for nonsmokers. Theyre called edibles, the marriage of botanical science and the culinary arts marijuana infused cookies, candy, chocolate truffles, even olive oil. And for patients watching their waistline, there are marijuana pills that come in different strengths, just like tylenol and advil. Carrie you simply take it with a glass of water and it puts you where you need to be. Kroft the people who have invested money in all of this are known locally as ganja preneurs. Colorado has had a history of gold rushes and silver rushes, and some people have dubbed this the green rush not just for the color of medical marijuana, but for the money that might eventually be made here if you are among the first to stake a claim. Kristi kelly was doing marketing in washington when she decided to invest in a medical marijuana dispensary. Kristi kelly theres not a lot of opportunities in any one lifetime where you can be a part of something from such an early stage. And so, ultimately, my partners begged me to come out. And my husband and i packed up our bags and shut down our life in d. C. And moved out here. Tripp keber the companys evolution has been fairly dynamic. Kroft tripp keber is c. E. O. Of Dixie Elixirs, the leading manufacturer of cannabislaced edibles. It supplies most of the states 537 dispensaries from this factory, which he calls state oftheart for the industry, which means small scale. Keber so here we have lexi, who is one of our production specialists. Shes preparing our medicated chocolate rolls, which are certainly one of our most popular edibles products. Kroft smells really good. It looks good. Thank you. laughter kroft Dixie Elixirs product line includes ice creams and medicated beverages that come in ten different flavors. Keber we have a 75 milligram, 12ounce sparkling red currant, would be the equivalent of four or five doses of medicine for a patient kroft what would happen to me if i drank one of these . Keber you would have a very long but mellow afternoon. laughter kroft keber and his partners have poured a Million Dollars into this business, and have also pioneered edible products and capsules they say contain all of the medicinal benefits of marijuana, but without the high. Whats your Business Plan . Keber so, our plan, you know, and im. Kroft . Longterm and shortterm. Keber sure, the longterm plan for this business, for Dixie Elixirs and edibles, as ive never been really shy to share, is ultimately to sell it. I truly believe that whether its big alcohol, big tobacco or big pharma, a company like one of those is going to look very, very closely at medical cannabis. Its about a 2 billion market in 2012, growing to just under 9 billion in 2016. So youre seeing hockeystick growth. And i think Companies Like dixie are well positioned to be acquired as the industry develops. Kroft its a risky proposition. The industry requires a big Capital Investment and the medical marijuana marketplace is already saturated. But matt cook, who wrote the rule book for all this and is now a consultant to the medical Marijuana Industry, says its helped pull denver out of the recession, occupying once vacant retail and industrial space, providing thousands of jobs and new revenue for the state of colorado. Whats the Economic Impact been . Cook its huge. Theres over a million square feet of leased space in the denver area. Look at all the electrical contractors, the hvac contractors, a number of ancillary businesses. Its huge. Tax revenues exceeded. I believe the last number i heard was in excess of 20 million. Kroft but in spite of all the euphoria, there is a cloud hanging over the cannabis industry in colorado, and its not marijuana smoke. Its the federal controlled substances act, which still lists marijuana as a schedule one drug, every bit as dangerous as heroin, with no medical benefit. And the Justice Department is not happy with the widescale commercialization of colorado cannabis. Sam kamin is a law professor at the university of denver, and one of the reigning experts on the subject. In colorado, you can grow it if youre licensed, and you can sell it if youre licensed to people who have a card to buy it. Sam kamin yes, but. Kroft and all of those people are violating federal law. Kamin exactly. And thats the really strange thing is that we have this, you know, sort of hundreds of dispensaries servicing as many as 100,000 people, and every transaction that occurs is a federal crime, and every. All the manufacturing of the product, from the growing of it to the making of the products and everything else. All of those are serious federal crimes. Kroft even though the state of colorado has passed a constitutional amendment allowing it. Kamin exactly. Kroft . Sanctioning it. Kamin exactly, right . The federal government sees it as a serious crime. They say, we know that california and 16 other states, the district of columbia, we know you guys think its medicine. Its not. We hear that you want to legalize it. You cant. We cant make you undo your statutes, but we can sure come in and prosecute your citizens that are violating federal law. Kroft but they havent. Kamin but they havent. Kroft and theres a reason for that some might call it the triumph of the marketplace. The federal government doesnt have enough manpower to shut down the medical marijuana business in colorado or prosecute all the purveyors and patients. And the voters dont want it. Boulder County District attorney stan garnett says its virtually impossible to impanel a jury on a marijuana case here, let alone get a conviction. Stan garnett what we deal with is what prosecutors call jury nullification, where juries say, i know what the law is, but im not going to follow it. This community has made it very clear that criminal enforcement of marijuana is not something they want me to spend any time on. Kroft it is really an issue here . Garnett its really not an issue. Kroft and that is, more or less, the position of Justice Department in washington. Deputy attorney general james cole has told u. S. Attorneys not to Waste Resources prosecuting patients or caregivers that are in clear compliance with state medical marijuana laws. James cole our focus is really on keeping it away from children. Our focus is keeping it out of the hands of organized crime. Our focus is making sure that people arent, through marijuana dispensaries, using it as a pretext to do largescale interstate drug dealing. These are the areas where were really trying to focus. Kroft so the message is, if youre licensed in the state of colorado and you follow the law, then you should be okay. Cole each case is going to rise and fall on its own unique facts. Any of that is still in violation of the controlled substances act of the federal law. Were not interested in bothering people who are sick and are using it on the recommendation of a doctor. We are concerned with people who are using it as a pretext to become largescale drug dealers. Kroft so it sounds like the federal government is tolerating it. Kamin it is tolerating it. And at the same time is, below the surface, trying to make it very difficult for these folks. Its doing it through banking regulations. If. If you talk to dispensary owners, one of the things that they will lament is, no one will do business with us. Kroft the Justice Department has let it be known if Financial Institutions do business with medical Marijuana Centers, they could be at risk for civil or criminal prosecution under the controlled substances act or federal Money Laundering statutes. Its made it difficult, if not impossible, for dispensaries to get loans, open company bank accounts, or process patients credit cards. Kamin it cant stay like this. Either we have to have settled expectations that this is a federal crime, the federal governments not going to tolerate it, or the federal government is going to let states like colorado regulate it, tax it, experiment with it. To have it exist in both worlds simultaneously is unsustainable. We cant have a multimillion dollar industry built on criminal conduct. Kroft a federal Appeals Court in washington, d. C. , is currently hearing a case that could remove marijuana from the list of the most dangerous drugs, and into a category that would allow it to be prescribed by doctors. On the political front, the referendums in colorado and Washington State to legalize marijuana for Recreational Use are considered too close to call. Whoa, look at all those toys. Insuring that stuff must be a pain. Nah, hes probably got. 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