PART of the case for Initiative 502 is about public money — the money wasted by trying to stamp out marijuana and the money given up by failing to legalize it and tax it.
Under Initiative 502 the state would impose a 25 percent marijuana tax at wholesale and another 25 percent at retail. Add in the other taxes on business, and the state would attempt to capture more than half the final value.
Source: Seattle Times. Read full article. (link)