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California Looks To Marijuana For Bail Out

The Associated Press is reporting that California is contemplating legislation to tax and regulate marijuana like it does alcohol. San Francisco Democratic Assemblyman Tom Ammiano introduced the bill in February. The bill would allow adults to legally possess, grow and sell marijuana. Officials that are for the tax and legalization of marijuana, believe that it would generate nearly $1.4 billion in revenue. The California State Board of Equalization reported that marijuana retail sales would bring an estimated $990 million from a $50-per-ounce fee and $392 million in sales taxes. Ammiano has promoted the bill as a way to help bridge the state's $26.3 billion budget shortfall. As the bill is written, the state could not begin collecting taxes under the bill until the federal government legalizes marijuana. A spokesman says Ammiano plans to amend the bill to remove that stipulation.
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