Billionaire Investor George Soros Backs Making Marijuana Legal, Cites Racial Injustice

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George Soros Backs Making Marijuana Legal
California's Proposition 19, which seeks to make marijuana use legal, just got a major backer: none other than billionaire investor George Soros. The measure is on the Nov. 2nd ballot. If approved, adults 21 and older in the Golden State would be able to legally possess up to one ounce of cannibas, and grow the marijuana plant on a plot of land up to 25 square feet.

Soros, who has made his fortune largely by investing in stocks and currencies -- among other things -- is said to have been a longtime advocate of legalizing marijuana. But this is the first time he's come out directly in support of such legislation.

In an editorial in the Wall Street Journal, he suggested that decriminalizing pot use would save taxpayers billions of dollars by reducing drug arrests and incarceration costs, as well as by diminishing violent crime linked to drug activity. Also noteworthy is that Soros advocates the legalization of weed in part because of "racial prejudice." He even suggests that legalizing marijuana would curb "racial inequities" in the legal system. "African Americans are no more likely than other Americans to use marijuana but they are three, five or even 10 times more likely -- depending on the city -- to be arrested for possessing marijuana," Soros wrote in his op-ed piece.


I have mixed feelings about this topic. I see how the scourge of drugs impacts the African American community -- and America at large -- and I wonder whether being more liberal with marijuana use will lead to people using harder drugs, such as cocaine or heroin, simply because they want to get even "higher" than they do from weed. On the other hand, I know full well that Soros is right about the legal implications and how blacks are disproportionately busted and jailed for marijuana use. If I were still living in California, the state where I grew up, I must admit that I don't know how I'd vote on this issue.


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In the end, of course, it's neither my vote -- nor Soros' -- that counts. It's up to the voters in my old home state to make their voices heard come election day. I'll be watching what Californians do -- and so will the rest of the country. God help us either way. What do you think: should marijuana use be legalized? Yes or no?






Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

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