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It is funny how a so called "illegal dug" is in position to potentially help ease California’s $20 billion budget deficit. Democratic state assemblyman Tom Ammiano is pushing for the legalization of marijuana and the marijuana industry, through which the state could potentially earn billions of much needed dollars in tax revenue. As of today, around $200 million in medical marijuana is subject to sales tax. If Ammiano’s bill is passed, the Marijuana Control Regulation and Education Act (AB 2254) would legalize and hand over the control of marijuana taxation to California.
In 2000, Colorado legalized medical marijuana and by 2007 over 60,000 medical marijuana dispensaries were paying tens of thousands of dollars in taxes to the state. When the global economic meltdown hit the U.S., the state of Colorado got by with a little help from these old friends.
The opening of ‘pot clubs’ as they are called not only promises to resuscitate the state’s failing economy but also could possibly revolutionize the medical system as well. It will create new jobs at various levels and will also give corporate researchers a chance to study the drug. Experts have estimated that the legalization of marijuana could also save just the California criminal justice department around $1 billion a year. While critics have opposed the move, a California study by the state attorney general in 2006 revealed that in the 10 years post medical marijuana’s legalization, teen marijuana users dropped a significantly by 30-40%.
Interestingly, marijuana is California’s top cash crop and over the last 3-4 years has shored up around $14 billion in yearly sales alone. If taxed, it would even beat dairy by double which is California’s second biggest agricultural earner! However, none of the profits can be taxed as of now as it is not a recognized industry or trade. California needs to take bold action by recognizing the facts and supporting Ammiano's bill.
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Comments (3)Hopefully the votes will feel the same way as you. This is common sense. It says it all when the major cities in the state have decriminalized possession and usage. Not only that, but it is the financially responsible thing to do. These type of underground economies need to be brought into the mainstream with common sense laws. Common sense if you ask me! |
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