California Marijuana Proposal

July 16, 2009 12:00:00 AM PDT
It's a controversial proposal, but state tax experts say a bill to tax and regulate marijuana would generate more than a billion-dollar for the cash-strapped state.The State Board of Equalization report estimates marijuana retail sales would bring $990-million dollars from a $50-dollar per-ounce fee and $392-million in sales taxes.

The bill introduced by a San Francisco democrat last February would allow adults 21 and older to legally possess, grow and sell marijuana. The bill has been promoted as a way to help bridge the state's more than $26-billion dollar budget shortfall.

The legislation would require all revenue from the sale of pot to be used for drug education and rehab programs.

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