California: Legislative Analyst's Office: Pot initiative could be profitable for state
By Capitol Television News Service (CTNS)
SACRAMENTO, CA - A proposed initiative that would legalize marijuana and regulate the commercial production and sale of it could bring in hundreds of millions of dollars annually, according to the independent Legislative Analyst's Office, LAO.
In their new report, the LAO predicts the "California Cannabis Hemp and Health Initiative 2012" would reduce criminal justice costs and bring in more sales tax revenue for state and local governments.
The initiative would allow Californians over the age of 21 to possess up to 99 cannabis plants and would allow the commercial production of marijuana and hemp. Proponents claim that it will boost California's agricultural and manufacturing industries and create jobs.
The LAO also said the initiative would bring in hundreds of millions of dollars in new revenue, which proponents said will help the state because it is in deep read.
"We're broke," Cannabis Hemp and Health Initiative Supporter Jerome Peterson said. "I mean California has eaten up so much of its own money and we are in debt."
The California Cannabis Hemp and Health Initiative will start collecting signatures on Jan. 7. They will have about three months to collect over 500,000 signatures to get it on the November 2012 ballot.