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Category: Fun | Posted on Tue, November, 6th 2012 by THCFinder

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Marijuana legalization on the ballot

Category: Legalization | Posted on Tue, November, 6th 2012 by THCFinder

NEW YORK (CNNMoney) -- On Tuesday, voters in three Western states are casting their ballots on an unorthodox way of raising tax revenue: marijuana legalization.

Colorado, Oregon and Washington each have statewide measures to legalize cannabis for recreational use, in the hope that it stimulates the economy and fills state coffers.

"Whatever state votes to legalize, they'll have become the first state to cross the legalization Rubicon anywhere in the U.S.," said Allen St. Pierre, spokesman for NORML, which advocates for the reform of marijuana laws.

Analysts of the legalization issue say that Washington's Initiative 502, to legalize and regulate marijuana for people aged 21 and older, has the best chance of passing. They say it proposes a relatively heavy taxation on the drug, which might make it appealing to budget hawks.

The Washington referendum calls for a 25% tax rate imposed on the product three times: when the grower sells it to the processor, when the processor sells it to the retailer, and when the retailer sells it to the customer.

It's not clear exactly how much tax revenue legalization would bring in. Estimates for the Washington measure run as high as $500 million -- a figure analysts say is overstated.

Source: http://money.cnn.com

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