Currently, small-time pot possession is "semi-decriminalized" in California. There is no possible jail sentence and a maximum $100 fine. But because possession is a misdemeanor, people caught with pot are "arrested," even if that means only they are served a notice to appear, and they must appear before a court.

That has happened to more than a half million Californians in the last decade, and more than 60,000 last year alone. Every one of them required a court appearance, complete with judge and prosecutor. That costs the cash-strapped state money it desperately needs.

Under the bill signed today, SB 1449, by Sen. Mark Leno (D-San Francisco), marijuana possession will be treated like a traffic ticket. The fine will remain at $100, and there will be no arrest record.

In a signing statement, Schwarzenegger said he opposed decriminalization for personal use -- and threw in a gratuitous jab at Proposition 19, the tax and regulate marijuana legalization initiative -- but that the state couldn't afford the status quo.