There is extensive evidence that the endocannabinoid system is a key modulator of memory for emotionally arousing experiences. We have demonstrated that endocannabinoids play an essential role in regulating glucocorticoid effects on different memory processes. In this chapter, we will summarize findings describing cannabinoid effects on emotional memory acquisition, consolidation, retrieval, and extinction. Then, we will present evidence indicating a critical involvement of the endocannabinoid system in mediating stress effects on memory. Finally, we will describe how endocannabinoids bidirectionally modulate memory processes depending on the level of stress at the time of drug administration, providing evidence that endocannabinoids may act as an emotional buffer modulating stress effects on memory for emotional experiences.