Could Legalizing Marijuana Fix California's Economy?

Bill would regulate, tax cannabis

Will Ammiano's bill to legalize marijuana get the green light in California?

Assemblyman Tom Ammiano in California thinks he has come up with a partial solution to the state’s budget problems: legalize marijuana.

The Democratic lawmaker introduced the bill Monday. The proposal would allow people older than 21 to buy, sell and grow marijuana.

Cash crop

According to a video on CNN.com, marijuana is an estimated $14 billion-a-year industry in California. That’s more than any other crop in California makes. Advocates say that tax revenue from legal sales of pot could generate up to $1.3 billion per year for the state.

Ammiano says the move could save up to $1 billion a year on law enforcement. Other advocates say legalizing marijuana would carry the benefit of crippling large Mexican drug cartels in California and drive them out of the state.

Factoring it all in

Analysis from the state Board of Equalization says legalization would likely decrease the price of marijuana by about 50 percent. The same research estimates it would increase usage by 40 percent. ... click here to read the rest of the article titled "Could Legalizing Marijuana Fix California's Economy?"