By Tom Angell

 

The results are in: Marijuana is going to be legal in the world’s sixth-largest economy.

On Tuesday, California voters approved Proposition 64, which will make it legal for adults over 21 years of age to possess, transport, purchase, consume and share up to one ounce of cannabis and eight grams of marijuana concentrates. They will also be able to lawfully grow up to six cannabis plants at home.

The new law does not affect existing rights of the state’s medical marijuana patients.

Under Proposition 64, a new Bureau of Marijuana Control will be responsible for licensing cannabis stores and commercial cultivators.

A 15 percent excise tax will be imposed on retail sales, which, together with separate taxes on commercial growers, are estimated to generate more than $1 billion in new tax revenue each year. The money will support education, drug treatment, environmental cleanup and other services.