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.
What made financial headlines over the weekend?
Pensions neglect to be criminal offence
All-day event on 24 April
Consequences could be more severe than in stress tests
AFH has six segregated mandate funds