Marijuana legalization initiative qualifies for November ballot.

Voters will decide this November whether to make California the first state to legalize marijuana for recreational use.

The Secretary of State's office announced late today—March 24—that the measure had garnered more than the nearly 450,000 signatures necessary to qualify for the ballot.

The initiative proposes to allow adults 21 and older to possess, grow and transport marijuana for personal use and would allow local governments to levy taxes on the stuff. California's Legislative Analyst estimates passage of the measure would save the state tens of millions that it now spends on jailing pot offenders and supervising them on parole and probation, and could potentially bring in major amounts of cash in taxes and assessments.

Most candidates for state office, including gubernatorial contender and current Attorney General Jerry Brown, have come out against the pot initiative, but a recent Field Poll found that 56% of Californians would support it.

The initiative is sponsored by Richard Lee, who runs Oakland's Oaksterdam University, and has been bankrolled in part by the medical pot industry, Lee has said.