PROVIDENCE, R.I.—Rhode Island is taking a look at the legalization of marijuana.

A committee of state lawmakers is set to review legislation Wednesday that would replace criminal penalties for marijuana possession with alcohol-style regulation and taxes.

The proposal would lift the ban on possessing marijuana for anyone over the age of 21. Marijuana retailers would have to purchase $5,000 annual licenses and wholesalers would pay a $50-per-ounce excise tax. Individuals could grow up to three marijuana plants by paying a $100-per-plant fee.

The House Judiciary Committee also plans to review another bill that would replace criminal penalties for pot possession with civil fines.

Similar bills were introduced last year but did not receive a vote.

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