Unkind bud

26 Oct 2010 By Robert Cyran Follow @rob_cyran

The state reckons a ballot measure allowing local authorities to decriminalize marijuana sales could harvest more than $1 bln. Stoners and bondholders are stoked on the idea. But even if it passes, cloudy language and feds’ opposition make the plan, as designed, look halfbaked.

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California's voters will vote on Nov. 2 on Proposition 19, a measure that would legalize possession of up to an ounce of marijuana, allow citizens to grow a small plot of plants for their own consumption and give local authorities control over whether and how the drug would be sold commercially.

Governor Arnold Schwarzenegger approved a bill earlier this year that downgraded marijuana possession of an ounce or less from a misdemeanor to an infraction. The penalty is now a fine of up to $100.

California's Board of Equalization, the government body that administers state sales and tobacco taxes, estimates legalization could raise up to $1.4 billion in excise and sales taxes.

U.S. Attorney General Eric Holder issued a letter saying the Department of Justice will remain committed to enforcing the Controlled Substances Act in every state, regardless of the outcome of the vote on Proposition 19.

Context News

Governor Arnold Schwarzenegger approved a bill earlier this year that downgraded marijuana possession of an ounce or less from a misdemeanor to an infraction. The penalty is now a fine of up to $100.

California's Board of Equalization, the government body that administers state sales and tobacco taxes, estimates legalization could raise up to $1.4 billion in excise and sales taxes.

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