The Regulate Marijuana Like Alcohol Act would legalize marijuana by removing it from the Controlled Substances Act (CSA) and allow for a nationally regulated industry under the oversight of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

The bill removes marijuana, tetrahydrocannabinols, and any other substance related to marijuana, from its Schedule classifications in the CSA, marijuana being currently classified as a Schedule I drug.

Schedule I drugs are defined as substances that have high risk or potential to be abused, have no current accepted medical use in treatment in the U.S., and have a lack of accepted safety for use under medical supervision. Supporters of legalization argue that marijuana does not contain the side effects, the number of yearly deaths, or the dangers that other drugs in the same category do have. Not only that, medical research has been minimal because of this classification itself, since most government research grants are not made available towards Marijuana research. More and more research has been released detailing the medical uses for marijuana.

Businesses looking to sell, import, trade, or export marijuana would need to get a government permit to do so. There are some disqualifications for some applicants to such license. These include if any of the businesses officers, directors, or principal stockholders have been convicted of a marijuana related felony within the last 5 years or a misdemeanor for the last 3 years.

Businesses whose operations at the time of applying that are in violation of the law of their own State are also subject of having the permits denied.

The legislation provides the Food and Drug Administration (FDA) "the same authorities with respect to marijuana as the Administration has with respect to alcohol."

Advertising practices would also be regulated, aiming at eliminating deception of the consumer by prohibiting falsity of the effects, processes, or guarantees made by analyses. This "falsities" are subject to the discretion of the Secretary of Treasury in case he finds it to mislead the consumer. Advertisements that disparage competitor's products or are false, misleading, obscene, or indecent are also mad unlawful by the bill.