From the Los Angeles Times:

Proponents of an initiative to make California the first state to legalize marijuana have collected about 693,800 signatures, virtually guaranteeing that the measure will appear on a crowded November ballot.

The initiative to legalize marijuana if passed would allow the regulation and taxation of marijuana by local cities and counties. According to the Times, a field poll from April of 2009 concluded that 56% of California voters want to legalize and tax marijuana.