No institution of higher education, as defined in section 10a-55, shall revoke any financial aid, student loans, or expel a student, solely for use or possession of less than (1) four ounces of cannabis plant material, (2) an equivalent amount of cannabis product, as provided in subsection (i) of section 21a-279a, or (3) an equivalent amount of a combination of cannabis and cannabis product, as provided in subsection (i) of section 21a-279a, unless complying with the provisions of this section would violate federal law or a federal contract, or failing to take the actions prohibited under this section would jeopardize an institution of higher education’s federal funding.