In November Oregon looks to put a bill on their ballot for the legalization of recreational marijuana. Backers of the Oregon Cannabis Tax Act have so far gathered 165,000 signatures, well over the 87,000 needed in Oregon for ballot status.

If passed, Oregon would follow Colorado and Washington as the third state to vote in November for the legalization of marijuana. Not only will it legalize marijuana sales, but in this down economy it would create jobs in the hemp industry (an industry I do not think Obama will be bragging about in the upcoming elections—though he should be). If passed, the Oregon Cannabis Tax Act will also create greater tax revenue for the state. All of the net proceeds would go directly into the state’s general fund.

The Oregon Cannabis Tax Act would also establish the Cannabis Commission, which would oversee the cultivation and sale of marijuana and implement rules around the legal sale of marijuana. The proposed bill will allow anyone over the age of 21 to purchase marijuana as a regulated product, like alcohol.

So Oregonians get excited: you probably will have another product that will be taxed come 2013.