Proposition 19

California Voters Reject Proposition to Legalize Pot

It looks like a ballot measure to legalize marijuana in California has failed. Proposition 19 would have made it legal for adults of drinking age to possess up to 1 ounce of pot, as well as to grow and smoke the drug in private, and would have authorized local governments to tax its sale.

Why Marijuana Prices May Head Lower

Marijuana legalization proponents can see a day when the marijuana market looks like the alcohol industry. There would a range of quality among the products offered. And there would be taxes assessed -- perhaps even heavy taxes. The financial consequences of such developments would be huge.