This comprehensive review paper explores methods of improvement of Cannabis sativa L. propagation and applications. Inherent breeding limitations, genetic instability, and psychoactive compounds have impeded utilization, however, application of biotechnology tools such as molecular breeding, tissue culture, and genetic engineering can advance cannabis research and applications. With recent advancements, cannabis micropropagation can substantially increase multiplication rates while preserving genetic lines. Utilizing gene overexpression, virus-induced gene silencing (VIGS), and RNA interference (RNAi) within cannabis, biochemical pathways, including cannabinoid and terpenoid biosynthesis, and key transcription factors in trichome development and cannabinoid production have been elucidated. Integration of gene editing techniques including zinc finger nucleases (ZFNs), transcription activator-like effector nucleases (TALENs), and clustered regularly interspaced short palindromic repeats (CRISPR)-Cas systems are promising tools in cannabis for editing biosynthetic pathways to increase enzyme efficiency and the development of novel cannabis traits. In addition, we address gaps, limitations, and rapidly expanding fields in biotechnological methods utilized on cannabis. With concerted efforts, biotechnological tools can aid in understanding the plant and be utilized to increase and improve the desirable properties of cannabis.