California Pot Smokers may have more disposable income soon.

In November, Californians will vote on Proposition 19, which allows for the cultivation and possession of cannabis for personal use while authorizing local governments to allow commercial production and sale. This would move marijuana into a legal, regulated market, transforming criminals into consumers.

The measure has support from prominent advocates like former New Mexico governor Gary Johnson, who believes the US should control, legalize and tax marijuana.

Reason's senior editor Jacon Sullum makes the point that the price of marijuana would decline substantially, giving Californians more money to spend elsewhere, providing a potential stimulus to the state economy.