The film is being planned to commemorate the comic duo's reunion and first tour together in 25 years. The announcement was made Tuesday by Barry Gordon, TWC's executive vice president of home entertainment.
As part of the arrangement, TWC has worldwide theatrical, home video, digital and television rights to the feature-length program which will attempt to capture the live concert experience of the "Cheech and Chong: Light Up America" tour.
It is expected to make a major TV premiere, followed by a DVD release.
"'The Cheech and Chong Concert Movie' will be an historic, must-experience event for the many fans that grew up listening to their recordings and watching their movies," Gordon said in a statement. "For the millions of new fans who have discovered Cheech and Chong over the years as cultural icons, this will be the first time many of them will be able to enjoy the artistry and one-of-kind magic that is Cheech and Chong live on stage. This is the comedy event of the decade."
"It's great to get a chance to cap a long career with a show of where we are now," added Marin.
Start of production and official release dates are to be announced soon, TWC said.