Would California solve all of its fiscal problems if it legalised and taxed marijuana?

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We know that if California legalised and taxed marijuana (like FDR did with beer), it would immediately collect considerable revenue, and also save the money being wasted on the unwinnable "war on some drugs". 

We also know that Ah-nold lacks the courage to advocate this. 

My question is, would legalisation solve all of California's fiscal problems for the foreseeable future, or would any more work need to get done?

Clarification added 1 month ago:

Many thanks to everyone who answered or otherwise commented thus far. I should clarify that my question was not whether pot smokers ought to be stoned or beheaded, along with fornicators and infidels; but whether legalising and taxing marijuana could solve California's fiscal problems. 
I found that the good folks from California NORML have done the number 


Meanwhile, Arnold scored another political victory, ramming his budget thru; and assemblyman Tom Ammiano seeks to legalise marijuana 


- I hope he succeeds! 

As Ana et al point out, legalising sex workers and gambling makes sense too. Why should a California resident looking to patronise a legal brothel or a casino have to visit Nevada instead of spending money right in California?

Clarification added 21 days ago:

I'm going to re-open this question in view of 
1 a good article in the Time magazine 

http://www.time.com/time/nation/article/0,8599,1884956,00.html seeking to answer the same question "Can Marijuana Help Rescue California's Economy?" 

2 Obama's Attorney General change of course 

http://www.time.com/time/politics/article/0,8599,1886284,00.html "AG Signals Shift in Marijuana Policy" which particularly affects California.

Clarification added 18 days ago:

A very interesting piece by Jeffrey Miron from Harvard University 

Clarification added 8 days ago:

Joe Klein chimes in: 

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