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(Corrects investment firm name in paragraph 10 to “Beehouse Partners”, not “Beehouse partners”) By Arathy S Nair and Shariq Khan (Reuters) –Three top U.S. Democratic senators on Wednesday unveiled a discussion draft of a bill that aims to legalize cannabis, a move that would allow adult Americans to buy and possess up to 10 ounces of marijuana without facing criminal penalties.

The Cannabis Administration and Opportunity Act floated by Senate majority leader Chuck Schumer, Finance Chairman Ron Wyden, and New Jersey Senator Cory Booker would expunge federal non-violent marijuana crimes,

further medical research and allow cannabis companies access to essential financial services.

While adult use of cannabis is legal in 18 states and allowed medically in 37 states, it remains illegal under U.S. federal law, deterring banks and others from dealing with companies that sell marijuana or related products.

The draft set the minimum age required to buy cannabis at 21 and limited retail sales transactions at the state level to 10 ounces of cannabis at a time or the equivalent amount of any cannabis derivative.

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