There are lots of good questions here!
As you know, marijuana is federally illegal. It is a Schedule I controlled substance under the Controlled Substances Act (CSA), which means it’s federally illegal even in states that have thriving legal marijuana markets. The FBI/DEA could raid any dispensary at any time, but they don’t want to and they’ve found various legal loopholes to turn a blind eye and give states and businesses some peace of mind.
The federal government can only control federal law. So Congress and the President could pass a law taking marijuana and THC off of the CSA list of banned substances. But then what?
Then state law would be the only thing left. In the U.S., the states hold any power not given to the feds by the Constitution. So in California, come on down, we’ve got legal weed and we can use banks and do taxes normally now. But in North Carolina, still no growing or selling allowed, because that’s the existing state law. We’d have the same complex checkerboard we do now, just without the federal ban.
There are some wrinkles, specifically that Congress does have an enumerated power to control “interstate commerce.” As you can imagine, pretty much everything in modern times goes through interstate commerce of some kind. Legal debates continue about whether guns, drugs, alcohol, etc. fall under interstate commerce power and if so how much control Congress can exercise. If you want to see how this might play out in reality, take a look at assault weapons. There are very few federal restrictions, so every state (and even many municipalities) has their own laws.
Hope this helps!