Rhode Island would become the first U.S. state to legalize marijuana for recreational use under legislation that would replace criminal penalties for possession with alcohol-style regulation and taxes on America's most widely used illicit drug. Cash-strapped Rhode Island would stand to make tens of millions of dollars off the deal. The legislation would allow individuals to grow up to three marijuana plants, but only if they've paid $100 per plant. Wholesalers would have to pay a $50-per-ounce excise tax, retail licenses would cost $5,000 annually, and all retail marijuana sales would be subject to sales taxes.
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