EDITOR’S NOTE: Entrepreneurs everywhere are eyeing the billion-dollar legal weed industry, an economic opportunity unrivaled in modern N.J. history. NJ Cannabis Insider features exclusive and premium weekly content geared toward those interested in the marijuana industry. View a sample issue.

When state Senate President Stephen Sweeney said this week that state lawmakers would move ahead on a bill to expunge the records of people in New Jersey with cannabis offenses without legalizing recreational marijuana in the state, many people were left asking questions.

How could the state clear hundreds of thousands of weed possession convictions when the underlying charge remains a crime?

But a new plan lawmakers will consider next week that addresses expungement would also essentially decriminalize low-level possession in New Jersey — a big change from what had previously been in the expungement bills. Lawmakers will also consider a bill that would expand the state’s medical cannabis program.

NJ Advance Media obtained a copy of the new expungement bill and the plan would reduce penalties for possession up to two ounces, making it a civil citation instead of a criminal offense. This would mean that people caught with that amount of weed would no longer get arrested if the bill were to pass. They would instead pay a $50 fine.

The plan also reduces penalties for other weed-related crimes, though those would still be criminal charges. The bill would also implement wide-ranging changes to the state’s expungement system, which has struggled to offer people the justice it was designed to provide, NJ Advance Media reported earlier this year.

“This is high-impact,” said state Assemblyman Jamel Holley, D-Union, one of the sponsors of the Assembly bill, along with Assembly members Angela McKnight, D-Hudson, Annette Quijano, D-Union, Britnee Timberlake, D-Essex, and Benjie Wimberly, D-Passaic.

“This is our way to right the wrongs of the past for individuals,” Holley said. “This is just the first step of many legislative bills that will impact people of color.”

The state Senate version of the bill is sponsored by Sens. Sandra Cunningham, D-Hudson, and Teresa Ruiz, D-Essex. The Senate Majority Office declined comment on the expungement bill.

But the bill wouldn’t just stop arrests for people with two ounces or less of pot. It also would allow people with existing convictions to wipe away those records. Here’s what else the bill says:

People with existing cannabis convictions would be able to apply for an expedited expungement at any time, once the bill takes effect.

People who are arrested on cannabis charges after the bill takes effect — basically people who have more than two ounces — would be able to apply for expungements within 18 months or three years, depending on the severity of their conviction.

Those charged with possession of two ounces or less prior to the bill’s passage, but who have not yet been convicted, would have their cases dismissed

The state judiciary would be required to set up an electronic filing system for expungements, making the process easier for people trying to clear their records. This would help anyone seeking an expungement, not just people with convictions.

Committees in both the state Senate and Assembly will hear the expungement plan on Monday, along with a medical expansion bill. If those committees advance the bills, it would set up votes in the full Legislature.

There’s been broad support in Trenton for medical expansion and expungement, which only intensified after Sweeney, D-Gloucester, this week announced that legalization was not going to happen anytime soon, despite nearly 18 months of trying.

But Sweeney has also said multiple times that he does not support decriminalization. It’s unclear if this new plan can sway him, as he did not return calls on Friday night.

Payton Guion may be reached at PGuion@njadvancemedia.com. Follow him on Twitter @PaytonGuion.

Have a tip? Tell us. nj.com/tips

Get the latest updates right in your inbox. Subscribe to NJ.com’s newsletters.