With cannabis legal in 38 states, 5 territories, and the District of Columbia as of 2023, the legal cannabis industry has become a major emerging industry that will continue to grow rapidly as continuing support for legalization drives both states and the federal government toward relaxing and even repealing prohibitions on both medical and recreational cannabis. However, the patchwork of conflicting state and federal laws surrounding cannabis create a legal and economic quagmire that severely limit the growth and success of legal cannabis businesses while aggravating longstanding socioeconomic disparities. In this thesis, I offer an evaluation of the history of cannabis in the US, current cannabis policy at the state and federal level, as well as offer a selection of federal and state policy options to promote a dramatic overhaul of current federal cannabis policy. These proposals aim to effectively and efficiently address the state/federal divide in cannabis law while simultaneously addressing key socioeconomic disparities aggravated by federal cannabis prohibition.