Proposition 64 would create a 15 percent retail cannabis sales tax and a $9.25-an-ounce bud tax as well as a $2.75-an-ounce leaf tax that could raise more than $1 billion per year in tax revenue, according to the California Secretary of State legislative analysis. In turn, that revenue would be spent on the following:
- Supporting economic development in communities disproportionately impacted by marijuana prohibition ($10 million to start, then $50 million annually).
- Training law enforcement to recognize driving under the influence of drugs ($3,000,000 annually).
- Medical cannabis research ($2 million annually).
- Teen drug prevention and treatment (60 percent of remaining annual cannabis tax revenue).
- Protecting the environment from the harms of illegal marijuana cultivation (20 percent of remaining annual cannabis tax revenue).
- State and Local Government Law Enforcement Account (20 percent of remaining annual cannabis tax revenue).
News Moderator: Katelyn Baker
Full Article: The Money And The Marijuana
Author: Deena Drewis
Contact: (916) 498-1234
Photo Credit: Getty Images
Website: News Review
