Proposition AA Tuesday: 65 percent to 35 percent. The proposition, which was brought forth by the Committee for Responsible Regulation, would tax the sale of recreational marijuana in the state.

Colorado became one of the first states to legalize the substance outright in 2012 through Amendment 64. Yet, marijuana continues to be recognized federally as a Schedule I drug.

In a release Mason Tvert, director of communications for the Marijuana Policy Project (MPP) said, "Colorado is demonstrating to the rest of the nation that it is possible to end marijuana prohibition and successfully regulate marijuana like alcohol. It is only a matter of time before voters and lawmakers in other states recognize the benefits and adopt similar policies."

The MPP supported Proposition AA and was the largest financial backer of the Amendment 64 campaign in 2012.

Amendment 64 legalized the possession and sale of marijuana to individuals 21 years of age and older. What Prop AA does is tax the drug, a 15 percent wholesale tax for when it is first sold by a 'commercial' grower. Secondly, it creates a 10 percent sales tax for retail purchases in addition to the state's existing 2.9 percent sales tax.

Colorado's election comes just weeks after a Gallup Poll which showed that 58 percent of Americans, the highest figure since the poll was started, supported the legalization of marijuana.

Photo credit: Marijuana Community Association