(KMJ) Pot could prove profitable for the Golden State.
California finance officials are estimating that legalizing marijuana for recreational use could net as much as $1 billion dollars in new tax revenue for state and local governments.
The estimate is based on the provisions of the leading pot legalization initiative proposed for the November ballot.
The initiative’s backers — spearheaded by former Facebook president and Napster founder Sean Parker — were cleared on Wednesday to start collecting the more than 350,000 signatures needed to qualify the measure.
