This legislation, known as the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act), aims to decriminalize cannabis at the federal level. It achieves this by removing marihuana and tetrahydrocannabinols from the schedules of controlled substances under the Controlled Substances Act. These amendments are retroactive, applying to offenses, pending cases, and convictions before, on, or after the enactment date, while preserving the authority of the Food and Drug Administration regarding cannabis-derived products and allowing continued drug testing for federal employees and transportation safety.

The bill establishes a federal excise tax on cannabis products, starting at 5% and gradually increasing to 8% over five years, then transitioning to an equivalent amount based on weight or THC content. Revenue from this tax will fund an Opportunity Trust Fund. This fund allocates 50% to the Attorney General for community reinvestment grants, 10% for substance use disorder services, and 40% to the Small Business Administration for programs supporting cannabis-related businesses.

A Cannabis Justice Office is created within the Office of Justice Programs to administer a Community Reinvestment Grant Program. This program provides funds for services like job training, reentry support, legal aid (including expungement), literacy, youth programs, and health education for individuals adversely impacted by the War on Drugs. The Small Business Administration will also establish a Cannabis Restorative Opportunity Program to provide loans and technical assistance to small businesses owned by socially and economically disadvantaged individuals in eligible states.

Additionally, the bill creates an Equitable Licensing Grant Program, offering funds to states and localities that implement equitable cannabis licensing programs. These programs must minimize barriers for individuals adversely impacted by the War on Drugs, including waiving application fees for low-income first-time applicants and prohibiting license denials based on past cannabis convictions. It also prohibits suspicionless cannabis drug testing by license holders, except for safety-sensitive positions.

The legislation ensures that cannabis-related legitimate businesses and service providers can access various Small Business Administration programs, including Small Business Development Centers, Women's Business Centers, SCORE, Veteran Business Outreach Centers, 7(a) loans, disaster loans, microloans, and Small Business Investment Company debentures. This provision prevents these entities from being denied assistance solely due to their involvement with cannabis.

Furthermore, the bill prohibits the denial of any federal public benefit or security clearance based on cannabis use or a cannabis offense conviction. For immigration purposes, cannabis will not be considered a controlled substance, preventing adverse immigration consequences based on past cannabis-related events. The bill also mandates the expungement of non-violent federal cannabis offense convictions and associated arrests, with provisions for individuals currently under criminal justice sentences to undergo sentencing review and potential resentencing.

The bill requires various federal agencies to conduct studies on the cannabis industry, the societal impact of state-level legalization (including health, crime, and economic effects), marijuana impairment for drivers, and the workplace and school impacts of legalization. It also mandates rulemaking by federal departments to implement the Act and replaces all instances of "marihuana" or "marijuana" with "cannabis" in federal statutes and regulations.