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Inside the NYC cannabis convention

Marijuana is illegal in most of the country but the industry is growing. Companies in the cannabis business are seeing sales take off and not just for pot. Kenneth Craig reports from New York.
Marijuana is illegal in most of the country b... 01:27

NEW YORK -- Marijuana is illegal in most of the country, but the industry is growing. Companies in the cannabis business are seeing sales take off - and not just for pot.

At the Cannabis World Congress and Business Exposition in New York City this week, thousands gathered to explore marijuana-related goods like processors, cultivation equipment and even cannabis-infused coffee.

There's no pot at the convention -- medical marijuana can't be sold in New York until January -- but that didn't stop companies from hawking their goods to customers.

One entrepreneur is Cullen Raichart. He's cashing in, even though marijuana is still illegal in most states."Remarkably, we went from red to black in our first quarter," he told CBS News' Kenneth Craig. His company, Greenbroz, sells a $10,000 leaf trimming machine that can tackle 12 pounds of pot an hour.

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Man at the convention demonstrates an electronic cigarette. CBS News

Conventions like these are happening in states across the country as legal marijuana legislation continues to expand. New York state will award licenses to just a handful of businesses to sell medical marijuana.

Last year, New York began writing fines for individuals charged with possession of marijuana instead of arresting them. Currently 23 states have passed laws allowing medical marijuana. Four of those and the District of Columbia also allow recreational use.

Colorado has led the nation in marijuana legislation, legalizing recreational use in 2012. New numbers suggest the state will rack up $295 million in marijuana sales and $51 million in tax revenue for the state in 2014.

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