"I would like to apologize to my teammates, coaches, basketball staff, the fans and the entire organization for the incident that happened on the team plane," Waiters said in a statement. "I was wrong and take responsibility for what happened and am sorry for what it put everyone through.
"I am happy to be back with my teammates and am looking forward to getting back on the court playing basketball."
Waiters returned to Heat practice Saturday, and coach Erik Spoelstra said Waiters addressed the team.
"His conditioning is at least at a level where we can work with him and get him to the next step," Spoelstra said. "And we just want to put this all behind us, get him with the team, and move on from here.
"Look, we've had enough time around each other, we understand that a lot of things happen over the course of an NBA season. What we discussed in the sanctuary of our locker room, I just want to keep between us. But we want to move on from this and get him back with the team."
Waiters experienced a "panic attack" on Nov. 7, during Miami's flight from Phoenix to Los Angeles, after consuming a THC-infused edible, sources told ESPN's Brian Windhorst and Adrian Wojnarowski.
The incident led to Waiters being suspended 10 games without pay by the team -- that suspension ended with Friday night's win over the Warriors.
Although cleared to return, it is uncertain when Waiters will actually make his season debut for the Heat.
He has only been active for two of Miami's 18 games this season, but has yet to dress and sit on the bench for a game.
The team suspended Waiters for its season opener for "conduct detrimental to the team" after he expressed frustration about his role on the team on social media. He also missed time during the preseason for what the team labeled personal reasons.
The Heat (13-5) enter play Saturday third in the East and next play Sunday in Brooklyn against the Nets.