It's just in the proposal stage right now, but with less than 700k more signatures (by Sept 5) they can get it put on the ballot in CA and the people would be able to vote on whether or not normal citizens could buy Marijuana from anyone with a license (I think the wording puts it in the same licensing category as alcohol). CA would tax the substance and regulate how it's sold in the same way alcohol and tobacco is currently. The proposal would also reclass weed in the same category as alcohol and tobacco instead of crack and heroine which is where it is now.
I think this is great. It's been 12 years since they legalized medical use of pot, and now they might get to vote on whether or not to make it fully legal. I don't really know how it would work in practice since it is federally illegal and even the state-run medical marijuana facilities are very secret so they don't get raided by feds (which does happen sometimes).
However, passing the law could pave the way for changing the federal laws and making it a state issue. That would be a magnificent step forward.
Here's the link to the short text, which also has a link to the full text.
California Secretary of State - Elections & Voter Information - Initiative Update