Marijuana Freedom and Opportunity Act This bill decriminalizes marijuana. Specifically, it removes marijuana from the list of scheduled substances under the Controlled Substances Act and eliminates criminal penalties for an individual who imports, exports, manufactures, distributes, or possesses with intent to distribute marijuana. Additionally, the bill does the following: establishes a trust fund to assist women-owned and minority-owned marijuana businesses, requires federal research on the impacts of marijuana use on highway safety and public health, authorizes federal restrictions on the marketing of marijuana-related products, and authorizes grants for state and local governments to expunge or seal convictions for marijuana possession.