Financial Times FT.com

Vice of necessity

Published: July 24 2009 20:40 | Last updated: July 24 2009 20:40

As a crisis brought on by creative accounting and creative risk management plunge budgets deep into the red, public officials are showing some creativity of their own.

Citizens of Oakland, California, have overwhelmingly approved a 15-fold tax hike on medical marijuana sales. Oaklanders, allowed their cannabis if they can get their doctor’s blessing, will have to pay $18 on each $1,000 worth, instead of the general retail tax of $1.20.

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