The following excerpt is from an article that originally appeared on Hit and Run Reason
Ringo Chiu/ZUMA Press/NewscomThe City of Los Angeles voted yesterday to implement a host of licensing and regulatory guidelines that would usher in the legalized growing, manufacturing, and sale of recreational marijuana next year.
For the most part, this is good news. One of the biggest cities in the United States is ending this particular segment of the drug war, assuming the Department of Justice doesn’t come in and arrest everybody.
L.A. is doing this for the money. When California approved recreational marijuana use, it gave local governments the authority to levy taxes on the trade. The Los Angeles Times reports that the city expects legal pot to generate $50 million in tax revenue in just its first year. (That sounds like a huge pile of cash, but it’s nothing compared to the $1 billion the city spends annually on pensions and health care for retired city employees. The infusion ofpost was originally published on this site