HispanicBusiness

Nevada Assemblyman Joe Hogan, D-Las Vegas, introduced a bill to legalize and tax marijuana Monday.

Under the Assembly Bill 402, Nevadans older than 21 could legally possess up to one ounce of marijuana for recreational use and up to six marijuana plants.

Nevada already allows for medical marijuana possession, but has no legal system for obtaining the drug.

Hogan's bill would allow for the wholesale cultivation and retail sale of marijuana. A 25 percent excise tax would be charged at each step of bringing the drug to market: from wholesaler to the processing facility, from the processing facility or wholesaler to the retailer and from retailer to customer.

All tax revenue from marijuana sales would be earmarked for public schools.

Stephen Frye, a retired Las Vegas psychiatrist pushing the measure, estimated $500 million could be generated for education.

Hogan said he is sponsoring the measure because "prohibition doesn't work."

Nevada is the sixth state to consider decriminalizing recreational marijuana use.