An Assemblyman from San Francisco, Tom Ammiano, argues that it’s time to tax and regulate the state’s biggest cash crop in the same manner as alcohol. Opponents say it would create new costs for society.
from the LA Times :
An assemblyman from San Francisco announced legislation Monday to do just that: make California the first state in the nation to tax and regulate recreational marijuana in the same manner as alcohol.
Buoyed by the widely held belief that cannabis is California’s biggest cash crop, Assemblyman Tom Ammiano contends it is time to reap some state revenue from that harvest while putting a damper on drug use by teens, cutting police costs and even helping Mother Nature.
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 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.
“Having just closed a $42-billion budget deficit, generating new revenue is crucial to the state’s long-term fiscal health,” said Betty Yee, the state Board of Equalization chairwoman who appeared with Ammiano at a San Francisco news conference.
