Sanders is recovering from surgery to repair a broken orbital bone near his right eye. He suffered the season-ending injury on Feb. 8 after taking a James Harden elbow to the face in the Bucks' loss to the Houston Rockets.
The suspension will begin with the next regular season game for which Sanders is eligible and physically able to play.
"I apologize to the entire Bucks organization and our fans for being suspended five games for using marijuana in violation of the NBA Anti-Drug Program. I take full responsibility for my actions," Sanders said in a statement.
In 23 games, Sanders averaged 7.7 points, 7.2 rebounds and 1.7 blocked shots. Those numbers are down from a breakout 2012-13, when the former VCU big man put up 9.8 points, 9.5 boards and 2.8 blocks per contest.