Democratic State Senator Sharif Street, of Philadelphia, worked with Republican Senator Dan Laughlin, of Erie County, to introduce the new legislation.
The bill would legalize cannabis for adults 21 and older, create a Cannabis Control Board and clear past convictions for low-level offenses.
Senator Street predicts the plan would generate new revenue for the state.
The legislation could gain more support than the last attempt.
Democrat Lisa Boscola, of the Lehigh Valley, who voted against the last marijuana-legalizing measure, has said she supports Senator Street's plan.