Written by The Business Journal Staff
(AP) — Proposition 64 would legalize the recreational use of marijuana starting Jan. 1, 2018. The ballot measure is 62 pages long and aims to regulate the entire cannabis industry, from seeds to pipe. Here are highlights:
— Permits adults who are at least 21 years old to possess up one ounce of marijuana buds and eight grams of concentrate.
— Permits adults who are at least 21 years old to grow up to six marijuana plants.
— Requires licensing for growing and selling marijuana.
— Imposes a 15 percent tax on retail sales. Also taxes farmers $9.25 for every ounce of bud sold in addition to $2.75 per ounce of leaves.
— Allows cities and counties to impose their own regulations and taxes on recreational marijuana.
— Cities and counties are also free to ban recreational marijuana businesses within their borders.
— Provides funds to develop driving-while-impaired guidelines
— All taxes collected are placed in the California Marijuana Tax Fund, which the state Legislative Analyst estimated could reach $1 billion annually.
— Creates packaging, labeling and advertising standards.
— Changes state marijuana crimes and penalties.