A landmark bill to tax and regulate marijuana, authored by Assemblyman Tom Ammiano (D-San Francisco), was reintroduced in the California legislature today. The proposal would make personal possession and cultivation of marijuana legal for adults over 21 and would institute a regulatory system for marijuana sales modeled after the one that already exists for alcoholic beverages. Asm. Ammiano’s 2009 marijuana reform bill, A.B. 390, was approved in the Assembly Public Safety Committee last month but…

Today, the California Board of Equalization (BOE) released its analysis of state Assembly Bill 390 - legislation that would tax and regulate marijuana. According to the report, the BOE would collect $1.38 billion annually in new revenue from the sales of legal marijuana, if the legislation is approved. The analysis is based on research that indicates that Californians annually consume about 1 million pounds of marijuana. $990 million would be generated from a $50/ounce excise tax and would be earmarked…