Sponsors of a marijuana initiative delivered what they say are roughly 341,000 signatures to the elections office Olympia on Dec. 29. The initiative campaign plans to bring in 10,000 more signatures by Friday — the deadline.

Initiative to the Legislature 502 would authorize the state Liquor Control Board to regulate and tax marijuana for those 21 and older. The legislature would decriminalize production, possession, delivery, distribution and sale of marijuana. Sponsors say it would generate at least $215 million a year in tax revenue, roughly $80 million for the state treasury, and the rest for research, health care and related purposes.

If I-502 is certified with more than 241,153 valid signatures, it will be submitted to the legislature in the upcoming session.  There it will be passed into law; ignored or rejected, sent into the fall 2012 statewide ballot; or it will be sent into a legislative alternative to the statewide ballot next fall.