A couple of thoughts on this... I'm calling bullsh*t on it being CA's largest crop. I know that generally when LE pulls a bust, the weights and thus cash values are skewed because the will often include "non-deliverable" portions of the plants (stems and leaves) rather than the marketable buds of the plants. Additonally the "valuation" is extrapolated from arbitrary and wholly unverifyable multiples.
Second, I'm a civil libertarian (with more "conservative economic policies and hawkish foreign policies) so I have no problem with anyone doing anything that doesn't materially impair the rights of others... However, I firmly believe the we are in a painfully small minority.
There a vast groups of the population of this country that don't differentiate between MJ and heroin... In their minds, they are both Drugs and Drugs are Evil. Not bad for you, not socially innapropriate, but Evil... Fundamentally, something unholy and spawned by the "great deceiver" or what have you. And I think its going to be a hard sell to convince the "moral majority" to sell you their values system in the name of improving the economy (no matter how wrongheaded and absurd we may perceive that value system to be).
Additionally, when Regan labelled the US anti-drug policy "the war on drugs" he put our goverment in a position wherein any change in policy would effective be seen as defeat (at the hands of Drugs, I assume) in the war on drugs. And last I checked, the US isn't in the business of losing wars...
And finally, as a parting shot, I don't see the alcohol and tobacco industries sitting around and allowing this to roll through. Massive amounts of lobbying dollars will be spent to prop up thing like that hoary old "gateway drug" nonsense in an effort to protect market share and eliminate the competition.
Personally, I think its a good idea, but I've already got a $100 bet against it and I'll believe it when I see it...