Assemblyman Tom Ammiano will announce legislation on Monday to legalize marijuana and earn perhaps $1 billion annually by taxing it.

Quintin Mecke, Ammiano’s press secretary, confirmed to SF Weekly that the assemblyman’s 10 a.m. Monday press conference regarding “new legislation related to the state’s fiscal crisis” will broach the subject of reaping untold — and much-needed — wealth from the state’s No. 1 cash crop.

Mecke said Ammiano’s proposed bill “would remove all penalties in California law on cultivation, transportation, sale, purchase, possession, or use of marijuana, natural THC, or paraphernalia for persons over the age of 21.”

The bill would additionally prohibit state and local law officials from enforcing federal marijuana laws. As for Step Two — profit — Ammiano’s bill calls for “establishing a fee on the sale of marijuana at a rate of $50 per ounce.” Mecke said that would bring in roughly $1 billion for the state, according to estimates made by marijuana advocacy organizations.