Quote of the week: The Lex Column

“Californians have long suspected that their hapless politicians were smoking something. Now they are seeking to join the party, as it were. Nearly 700,000 people, far more than required, have signed a petition to put a binding measure legalizing and regulating marijuana on the ballot for the Nov. 2 election. A similar initiative in 1972 went up in smoke, but the flower children of 38 years ago are today’s middle-class taxpayers in a state making big service cuts to stay afloat financially. Marijuana is California’s largest cash crop and taxing it could raise $1.4 billion annually. The measure deserves serious consideration, and not just for financial reasons. Murderous Mexican gangs that control much of the market probably have the most to lose.”

The Lex Column in the Financial Times