Legislation introduced in the House and Senate Wednesday would allow adults 21 and older to purchase marijuana legally.

Each bill would make it legal to possess, grow, and purchase limited amounts of marijuana. The state would license and regulate businesses to cultivate, process, test, and sell marijuana to adults, and it would create and enforce strict health and safety regulations, such as testing and labeling requirements and restrictions on marketing.

The bills propose taxing marijuana at a rate of $50 per ounce at the wholesale level, and retail sales would be subject to the state’s standard 6.25% sales tax. Based on current usage rates and the market price of marijuana being sold for adults’ use in Colorado, the Marijuana Policy Project estimates regulated marijuana sales could generate between $349 million and $699 million per year in new revenue for Illinois.