California Looks for Cash Under Prop. 19

Proposition 19 would allow local governments to tax and regulate its commercial production, distribution and sale. At stake is the potential for "hundreds of millions of dollars annually" in new revenue, according to the ballot language posted on the California Secretary of State’s website. San Jose, the center of Silicon Valley, and at least 10 more cities have measures on their ballots today proposing taxes on pot crops and sales if Proposition 19 passes. Californians consume about 1 million pounds of pot annually, according to the state’s tax administrator, the Board of Equalization. (Link to Story)

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