California measure to legalize and tax pot

California's biggest cash crop is marijuana. San Francisco assemblyman Tom Ammiano wants to legalize it and tax it to help relieve some of the state's financial woes. From the Los Angeles Times:
"I know the jokes are going to be coming, but this is not a frivolous issue," said Ammiano, a Democrat elected in November after more than a dozen years as a San Francisco supervisor. "California always takes the lead -- on gay marriage, the sanctuary movement, medical marijuana..."

Ammiano's measure, AB 390, would essentially replicate the regulatory structure used for beer, wine and hard liquor, with taxed sales barred to anyone under 21.

The natural world would benefit, too, from the uprooting of environmentally destructive backcountry pot plantations that denude fragile ecosystems, Ammiano said.

But the biggest boon might be to the bottom line. By some estimates, California's pot crop is a $14-billion industry, putting it above vegetables ($5.7 billion) and grapes ($2.6 billion). If so, that could mean upward of $1 billion in tax revenue for the state each year.
"Taxing pot could become a political toking point"