AB 390 - Marijuana Control, Regulation, and Education Act.

Here's the skinny:

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LEGISLATIVE COUNSEL'S DIGEST

  AB 390, as introduced, Ammiano. Marijuana Control, Regulation, and
Education Act.
  Existing state law provides that every person who possesses,
sells, transports, or cultivates marijuana, concentrated cannabis, or
derivatives of marijuana, except as authorized by law, is guilty of
one or more crimes.
  This bill would remove marijuana and its derivatives from existing
statutes defining and regulating controlled substances. It would
instead legalize the possession, sale, cultivation, and other conduct
relating to marijuana and its derivatives by persons 21 years of age
and older, except as specified. It would set up a wholesale and
retail marijuana sales regulation program, including special fees to
fund drug abuse prevention programs, as specified, to commence after
regulations concerning the program have been issued, and federal law
permits possession and sale consistent with the program. It would ban
local and state assistance in enforcing inconsistent federal and
other laws relating to marijuana, and would provide specified
infraction penalties for violations of these new marijuana laws and
regulations, as specified. It would make other conforming changes.
  By creating various infractions for violations of regulations and
laws created by this act, this bill would impose a state-mandated
local program.
  The California Constitution requires the state to reimburse local
agencies and school districts for certain costs mandated by the
state. Statutory provisions establish procedures for making that
reimbursement.
  This bill would provide that no reimbursement is required by this
act for a specified reason.
  Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: yes.

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As introduced, this groundbreaking proposal would raise over $1 billion in annual revenue by taxing the retail production and sale of marijuana for adults over 21 years of age.

And links:

AB 390 INTRODUCED

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Support California Assembly Bill 390 (the Marijuana Control, Regulation, and Education Act)