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This study examined the moderating effects of impulsivity and affect lability on relations between marijuana use frequency and use consequences. From a sample of 592 undergraduates, 300 marijuana users completed a survey that assessed marijuana problems and the hypothesized risk and vulnerability factors. Affective variables were significantly associated with increased marijuana problems above and beyond the effects of gender and lifetime use frequency. A hypothesized vulnerability mechanism, whereby impulsivity strengthened the relationship between use frequency and marijuana problems, was observed. The findings support the hypothesis that affect dysregulation enhances risk for marijuana problems among young adults who use marijuana.