Waiters will be eligible to return after the Heat play the Utah Jazz on Dec. 23. This is the 28-year-old's third ban this season.
The Syracuse product was suspended to start the campaign for his conduct during the preseason. He was then banned for 10 games after reportedly ingesting a THC-infused edible that led to a medical emergency on Miami's team plane.
Waiters has yet to suit up for the Heat this season and has been suspended for 17 combined games, forgoing over $1.4 million in salary.
The Heat have thrived in his absence, registering an 18-6 record. The emergence of rookie guards Kendrick Nunn and Tyler Herro has made Waiters' absence a non-issue for the club.