Pot measure could bring in millions of dollars

December 23, 2011 8:20:17 PM PST
An independent report finds that a proposed initiative to legalize marijuana in California could bring in hundreds of millions of dollars annually.

Researchers at the Legislative Analysts Office predict the California Cannabis, Hemp and Health Initiative 2012 would boost sales tax revenue for state and local governments. The LAO says it would also reduce criminal justice costs.

Proponents of the measure say that could be good news for the state which is deep in the red.

Supporters of the initiative will start gathering signatures on Jan. 7. They will have about three months to collect over 500,000 signatures to get it on the November 2012 ballot.