The Breakdown

Explaining Southern California's economy

Bullet Points: How much would legalizing pot be worth in California?

In this 2009 piece from Time magazine, Joe Klein provides some legalize-pot numbers:

there is an enormous potential windfall in the taxation of marijuana. It is estimated that pot is the largest cash crop in California, with annual revenues approaching $14 billion. A 10% pot tax would yield $1.4 billion in California alone. And that's probably a fraction of the revenues that would be available — and of the economic impact, with thousands of new jobs in agriculture, packaging, marketing and advertising. A veritable marijuana economic-stimulus package!

That Joe Klein! He's hilarious when he's high! Actually, his $1.4 billion tally for Cali may substantially underestimate how much making the wacky tabacky legal could bring in. Here's why:

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Photo: Kevork Djansezian/Getty Images

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