No, under the actual measure proposed, as stated in the source article, it would no longer be illegal under state law for adults 21+ to sell it.
I am not sure I agree with this proposal unless they make it as an infraction to buy and sell it. (not a misdemeanor and certainly not a felony)
That never happened. A decriminalization bill passed one Assembly committee when Schwarzenegger was governor, but it didn't leave it an infraction (it had a system of commercial license for growing and selling), and neither it nor any other made it out of the legislature to his desk.
Behavioral economics wholly disagrees with that. When you take away disincentives, you increase bad behavior like people selling, consuming, etc.
I agree with you about not ruining peoples' lives over it. Maybe a $5000 fine would be enough of a disincentive.
Nothing about decriminalizing the use of something does that. It's still illegal to sell it but people won't have a felony on their record for trying it. I don't think the drug should ruin people's lives just because they used it or had a personal use amount on them when they were driving while black/mexican/suspicious looking to a cop as they tend to get pulled over more in a vicious cycle.
I don't use them and have no real desire to but I am not a fan of 1. paying for nonviolent drug users that are in prison and 2. ruining someone's life with a felony possession charge and 3. even if they can get off without jail time and have their record expunged they are in debt to a lawyer for thousands for no really good reason.