Bernie Sanders has released a plan for marijuana legalization that would invest tax revenue in grants for minority-owned cannabis businesses and expunge past convictions. The Sanders campaign released the plan, aptly, at 4:20 on Oct. 24.

If elected president of the U.S., Sanders promises to legalize marijuana within his first 100 days in office. He would issue an executive order directing the attorney general to declassify marijuana as a Schedule I controlled substance and nominate cabinet officials "who will all work to aggressively end the drug war," and codify legalization into law.

Here are some key aspects of the plan:

Vacate and expunge all past marijuana-related convictions

The Sanders administration would review "all marijuana convictions" on both the state and federal level. Though the plan says all past convictions would be expunged, the details of the proposal say each case will be reviewed to see which convictions are eligible for expungement.

The plan would direct federal funds to states and cities to assist in the process of expunging criminal records. If, after two years, a case has not been reviewed on the state level, the administration would grant the individual "an administrative remedy."

Re-invest marijuana tax revenue in communities affected by the War on Drugs

Sanders' plan allocates $50 billion in marijuana tax revenue for grant programs and community development funds. This includes:

$20 million to the Minority Business Development Agency for entrepreneurs of color.

$10 billion grant for businesses that are at least 51% owned by people who live in areas disproportionately affected by the drug war.

A $10 billion USDA grant for people with past criminal convictions or who live in areas affected by the drug war to start "urban and rural" marijuana farms.

$10 billion for a "targeted economic and community development fund" allocated for disproportionately affected areas in order to address the opioid crisis.

Keep big tobacco out of the marijuana industry

Although the tobacco industry has already made significant investments in the marijuana industry, the Sanders plan says it will ban "tobacco/cigarette corporations from participating in the marijuana industry."

Tobacco behemoth Altria, which manufactures Marlboro cigarettes, has already invested billions in one of the largest marijuana companies in the world, the New York Times reports.

The plan does not specify how or whether it would push out companies like Altria that are already invested in the industry. It doesn't specify whether it would also prohibit alcohol companies like Constellation Brands (the maker of Corona) and Molson Coors which have invested billions in the industry to date.

The plan would "provide resources" to incentivize entrepreneurs to start marijuana non-profits and cooperatives. It grants the federal government regulating authority over quality control and safety inspections.

Email Isaac Fornarola at ifornarola@freepressmedia.com. Follow him on Twitter: @isaacforn