Billionaire investor George Soros has donated $1m in support of legalising marijuana in the stricken US state of California.
Writing in the Wall Street Journal, Soros says regulating and taxing marijuana would save taxpayers billions of dollars in enforcement and incarceration costs, while it will also providing billions of dollars in annual revenue.
Soros donated $1m to the 'Drug Policy Action Committee to Tax and Regulate Marijuana - Yes on Prop. 19' group, according to a filing posted on the California Secretary of State's website.
Proposition 19 would make it legal for Californians over the age of 21 to possess and grow cannabis for personal use.
A referendum on Prop 19 is being held on the 2 November mid-term elections in the state.
California, which is currently led by governor Arnold Schwarzenegger, is currently in a state of fiscal mess, with a budget deficit of $19.1bn.
CEO labels whistle-blower as 'brave'
Adds up to £130m FUM
Our weekly heads-up for advisers
Think tank report
Envisaged by John Cridland