L.A. voters are on their way to approving a 5% tax on marijuana sales at the city's dispensaries. With 40% of precincts counted, Measure M is passing by a margin of 62-38.
Theoretically, this could bring in $10 million in revenue. Realistically, it's likely to face a legal challenge from the dispensaries, so don't count on seeing this money any time soon.
What does this say about Angelenos' attitude toward medical marijuana dispensaries? Well, it brings to mind the words of that great sage, Ronald Reagan…
“If it moves, we tax it. If it keeps moving, regulate it. And, if it stops moving, subsidize it.”