Creates a federal Commission to study and plan for the end of federal marihuana prohibition and to recommend a federal regulatory system modeled on alcohol regulation. The Commission must gather public comment and testimony, analyze impacts on communities, agencies, and industries, and deliver initial and final reports to the President and Congress, but it cannot issue binding regulations.

The Attorney General must establish and staff the Commission quickly after enactment; membership includes many federal officials plus outside appointees. The Commission's work is advisory and intended to guide Congress and the Executive Branch if federal prohibition is ended rapidly.