California approves ballot measure legalizing pot

California is on track become the latest state to legalize marijuana for recreational purposes after voters on Tuesday were projected to approve a ballot measure that is likely to generate billions of dollars in tax revenue.

{mosads}The ballot measure was backed by groups tied to George Soros, a billionaire hedge fund manager; and Sean Parker, the Napster founder and former Facebook executive. Last week, House Democratic leader Nancy Pelosi (Calif.) said she had voted in favor of legalization.

Proponents said legalizing marijuana for recreational use would save the state tens of millions of dollars in legal costs associated with pot. At the same time, a state fiscal agency said related tax revenue would range from the hundreds of millions of dollars to more than $1 billion every year.

California would join Washington, Oregon, Colorado and Alaska, states where voters approved legalization measures two and four years ago. Voters in four other states — Arizona, Nevada, Maine and Massachusetts — are deciding Tuesday whether to legalize marijuana.