Californians Will Get to Vote on Cannabis Legalization
Ryan Allway
February 5th, 2014
Policy, Top News
California Attorney General Kamala Harris has approved the Marijuana Control, Legalization and Revenue Act for signature gathering for the November 2014 election. If the proposal is approved by voters, adults would be permitted to have up to 12 marijuana plants with six flowering per residence and possess all of the marijuana produced from those plants.
Ms. Harris noted that the passage of the act could “reduce costs potentially exceeding $100 million annually to state and local governments related to enforcing certain marijuana-related offenses, handling the related criminal cases in the court system, and incarcerating and supervising certain marijuana offenders”, according to an article in The Daily Chronic. Tax revenue from the production and sale of marijuana could also contribute a few hundred million dollars per year to the budget, helping improve the state’s finances.
Americans for Policy Reform, the group behind the act, has already raised $500,000 in funding to collect over a half million signatures by June 30th, but may need up to $2 million more to legalize the drug in California. While Prop 19 was rejected in 2010, polls suggest that 60% of likely voters support legalization after successful efforts in Colorado and Washington, as well as expanded MMJ paved the way.
Read More at The Daily Chronic
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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