Preview: The booming marijuana industry

Preview: The booming marijuana industry

There were long lines this week at Oakland's Harborside dispensary, and even a ceremonial ribbon cutting, to mark the legalization of recreational marijuana in California -- only the latest state to follow the lead of Colorado. 

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CBS News

In 2012, when Colorado voters passed Amendment 64, legalizing pot for recreational use was called "The Great Experiment." Five years later, recreational pot is now legal in eight states plus the District of Columbia, while 22 other states now allow sales of marijuana for medical use. It may be legal in Canada this year.

On CBS' "Sunday Morning" January 7, correspondent Barry Petersen looks at how that "Great Experiment" is working out.  

The legal cannabis industry is projected to reach $10.8 billion in sales in 2018. That is larger than sales of ice cream ($5.1 billion) or baby's diapers ($6.4 billion).

And this year, pot could provide as many as 177,000 jobs -- more than double the number of jobs in the coal industry.

And yet, the debate over pot is not diminishing. Even as more states allow pot sales, those who oppose marijuana now think they have their best chance ever of shutting it all down. 

Watch a preview of Petersen's report in the video above. 

The Emmy Award-winning "CBS Sunday Morning," hosted by Jane Pauley, is broadcast on CBS Sundays beginning at 9:00 a.m. ET. Executive producer is Rand Morrison.

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