They will need just 86,105 of those to be deemed valid in order to get it approved.
"We believe Coloradans are absolutely ready to end the failed policy of marijuana prohibition. We're ready to lead the country on common-sense marijuana reform," Brian Vicente, a well-known Colorado marijuana advocate, said on Wednesday.
The "Colorado Initiative to Regulate Marijuana Like Alcohol" would allow the possession and use of an ounce of less of marijuana by adults 21 and older. Unlike the marijuana-legalization Amendment 44, which lost by a 59-41 percent margin in 2006, this initiative would create a taxing mechanism that would direct $40 million a year to public school construction efforts.
Colorado Attorney General John Suthers admits opponents will have a battle on their hands this year.
"The bottom line is the pro-marijuana industry is going to spend an incredible amount of money," he said on Wednesday. "I doubt very seriously there will be much money spent in opposition - the government can't spend any money against it - so if it is defeated it's going to be that the public has decided that this has gone on way too far."
Suthers, a Republican, believes marijuana legalization would bring about a number of substantial and costly problems.
"We are buying ourselves serious drug abuse problems for future generations, and I think we ought to think twice before we do that," he said.
The proposed initiative would allow cities to "opt out" of allowing marijuana sales.
For more on the ballot language go to: http://www.regulatemarijuana.org/s/regulate-marijuana-alcohol-act-2012.
(KUSA-TV © 2012 Multimedia Holdings Corporation)