California's legal weed profits going up in smoke

CBS News reports:

Legal marijuana in California as a business was supposed to be a no-brainer. How could it not be profitable in a liberal state pushing 40 million residents where some of the best weed in the world has been grown for decades? But nearly three years after Proposition 64, the law legalizing the adult use of the drug, was passed, California cannabis producers are not seeing the windfalls predicted. They tell Sharyn Alfonsi that regulations and a robust black market are cutting into legal pot profits.

The taxman has dreams that aren't coming true out in California.