Legalize marijuana, collect $1,400,000,000 in revenue

That's the prospect facing the state of California.

California tax officials have found that a state bill to tax and regulate marijuana like alcohol would generate nearly $1.4 billion in revenue.

A State Board of Equalization report released Wednesday estimates marijuana retail sales would bring $990 million from a $50-per-ounce fee and $392 million in sales taxes.

The bill introduced by San Francisco Democratic Assemblyman Tom Ammiano in February would allow adults to legally possess, grow and sell marijuana.

The numbers shown apparently do not even include the savings of time/salary currently expended by law enforcement officials and the judiciary in seeking and prosecuting offenders under current law.