Editor's Note: Interested in the marijuana business industry? NJ Cannabis Insider is a new premium intelligence briefing that features exclusive weekly content geared toward entrepreneurs, lawyers and realtors. View a sample issue.

A state lawmaker has unveiled a plan to legalize marijuana that would permit hundreds of dispensaries across New Jersey and would allow people to grow a small number of plants at home.

Assemblyman Reed Gusciora, D-Mercer, quietly introduced the bill last week after months of speculation about when it would drop and what it would contain.

An earlier draft was set to be introduced by the end of January, but was delayed.

The bill would legalize the possession and personal use of small amounts of marijuana, while creating both a commercial industry and a government body to regulate that industry. It would also allow New Jerseyans convicted of marijuana possession to apply to have their records expunged.

Should the bill pass, New Jersey could see as many as 400 marijuana dispensaries spread across the state. It allows up to 10 dispensaries in each of the state's 40 legislative districts and calls for a minimum of two in each district.

Under the bill, New Jersey would also license growers -- called producer-processors in the legislation -- and transporters, in addition to the retailers. The number of licenses for growers would be capped at 15 for the first two years before jumping to 25. The ceiling for transporter licenses would be set at 80.

But the commercial cultivators wouldn't be the only ones allowed to grow marijuana. Those wanting to test their green thumbs would be able to grow up to six plants, with a maximum of three of those budding at any one time. Growing weed at home has been a controversial issue, as opponents say it contributes to the black market.

Nicholas Gangemi, Gusciora's chief of staff, said home-grow is one of the issues where he expects pushback, adding that he thinks the bill "will go through a lot of refinement" as it navigates the Legislature.

Assembly Speaker Craig Coughlin, D-Middlesex, has not yet assigned the bill to a committee and Gangemi said he expects the chamber to be slow in taking up the bill.

New Jersey's potential marijuana industry has been estimated to be worth around $1 billion per year and the state would get some revenue under Gusciora's bill. It sets a tax rate of 7 percent in the first two years before rising to 10 percent in years three and four, before escalating to 15 percent in the fifth year and beyond.

If marijuana revenue is $1 billion, the state would earn $70 million in taxes in the first year, money that the bill stipulates would pay for enforcement of cannabis laws.

Gusciora's tax rate is lower than one set forth in a state Senate bill re-introduced earlier this year by Sen. Nicholas Scutari, D-Union. Scutari calls for a 25 percent tax on cannabis.

Scutari's plan has several other key differences, including prohibiting home-grow. That bill is currently sitting in a Senate committee, awaiting action.

Gangemi said Gusciora's team is now starting the process of working with Scutari to find common ground on the bills so they can move forward.

"We're looking to work with Scutari's office," Gangemi said. "There's not a lot that can't be up for negotiation."

Are you interested in the N.J. cannabis industry? Subscribe here for exclusive insider information from NJ Cannabis Insider

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