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California Looks for Cash Under Prop. 19

Proposition 19 would allow local governments to tax and regulate its commercial production, distribution and sale. At stake is the potential for "hundreds of millions of dollars annually" in new revenue, according to the ballot language posted on the California Secretary of State’s website. San Jose, the center of Silicon Valley, and at least 10 more cities have measures on their ballots today proposing taxes on pot crops and sales if Proposition 19 passes. Californians consume about 1 million pounds of pot annually, according to the state’s tax administrator, the Board of Equalization.

Prop. 19: Exit Polls Show Voters Split by Age

Age is a major indicator of support for the measure to legalize marijuana for recreational use, according to the first wave of exit polling conducted for The Sacramento Bee and other media outlets by Edison Research.

Prop. 19 Backer Richard Lee Not Ready to Count Out Pot Legalization

Lee, the pot entrepreneur behind Oaksterdam University -- and the driving fiscal force behind Proposition 19 -- was decidedly noncommittal when queried about electoral success. "We did a side-by-side robo poll vs. a live one. And the robo showed it winning and the live didn't," he said.