calif tax officials: legal pot would rake in $1.4b
from kfsn: 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. media monarchy dot com
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