The California State Board of Equalization released a legislative analysis today estimating that the state would collect up to $1.38 billion in new revenue from taxing and regulating the sale of marijuana.
The report is based on Assemblymember Tom Ammiano’s (D-San Francisco) groundbreaking legislation, the Marijuana Control, Regulation, and Education act (AB 390) that would tax and regulate marijuana in a manner similar to alcohol.
The bill would create a regulatory structure similar to that already in place for beer, wine and liquor, permitting taxed sales to adults while barring sales to or possession by those under 21.
“We can no longer afford to keep our heads in the sand when it comes to marijuana. The move towards regulating and taxing marijuana is long overdue and simply common sense. The benefits of regulation are clear – controlling marijuana would generate up to $1.3 billion in much needed revenue for the state, restrict access to only those over 21, end the environmental damage to our public lands from illicit crops, and improve public safety by redirecting law enforcement efforts to more serious crimes”, said Ammiano.
“It defies reason to propose closing parks and eliminating vital services for the poor while this potential revenue is available. California has an historic opportunity to be the first state in the nation to enact a smart, responsible public policy for the control and regulation of marijuana.”
equalization is great, i love the the fact that we are wising up as a nation. but the big question on everyones mind is, will it still be illeagal to grow it on your own property for personal consumption?. and if so, why? i mean it is completely natural correct? no special ingredients except seeds dirt and sunshine!
Hi, my name is Tim. Just wanted to say hi to the forum, I been creeping around here for a while now, but tend to participate more. Looking forward to make some new friends. Ciao!
Tim
NY, NY
[...] four-hundred millions as “a few millions”. The California Board of equalization has estimated that $1.4 billion dollars would be raised by regulating [...]
[...] at their wits’ end. 56% of the voters in California are saying they want legalization. The state’s own taxation board is saying legalization would bring in $1.4 billion in revenue to the state. Medical marijuana is [...]
[...] California Board of Equalization report: legalized marijuana would reap $1.38 billion [...]
what about the cost of arrest/incarceration they will save?
money money money money…money!
This is a report from the CA state government itself! ..not Dr. Gettman, not Dr. Friedman, not the 500+ other economists who endorsed Dr. Friedman’s call to legalize marijuana, but the CA state government itself which has the power to legalize marijuana in California and to put extreme pressure on the federal government to legalize it nationally! This is a good thing.