An initiative to legalize marijuana in California has officially qualified for the Nov. 8 ballot with 365,880 valid signatures, Secretary of State Alex Padilla announced Tuesday.
The “Control, Regulate and Tax Adult Use of Marijuana Act” would also establish packaging, labeling, advertising and marketing standards and restrictions for marijuana products, including prohibiting marketing and advertising of the drug to minors.
The ballot initiative also authorizes re-sentencing and destruction of records for prior marijuana convictions.
The measure would impose a state excise tax on retail sales of marijuana equal to 15 percent of the sales price and state cultivation taxes on marijuana of $9.25 per ounce of flowers and $2.75 per ounce of leaves.
The initiative allows for local regulation and taxation of marijuana and exempts medical marijuana from some taxation.
The state Legislative Analyst’s Office and Department of Finance say passage could result in additional state and local tax revenues of over $1 billion annually. Most of these funds would be required to be spent for specific purposes such as substance use disorder education, prevention and treatment.
The initiative is sponsored by the Washington-based Marijuana Policy Project, which is backing similar ballot measures in Arizona, Massachusetts and Nevada.
Earlier this month, the California Democratic party endorsed the legalization of marijuana.
City News Service contributed to this article.
