California cities see chance to cash in on marijuana

Volunteer Charlie Kirchheimer displays jars of dried cannabis buds at the La Brea Collective medical marijuana dispensary in Los AngelesBy Robin Respaut SAN FRANCISCO (Reuters) – Californians are expected to pass a ballot measure on Election Day legalizing recreational marijuana, and the prospect has cities and counties seeing dollar signs. Proposition 64 would impose state taxes on the cultivation and sale of marijuana. Economists warn that burdensome taxes and fees on the nascent industry could backfire, fueling the black market and pushing marijuana businesses to decamp for towns where it’s cheaper to operate.

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