The bill amends Chapter 21-28 of the General Laws, known as the "Uniform Controlled Substances Act," by introducing a new section, 21-28-2.11, which exempts psilocybin from certain regulations under specific conditions. It allows individuals to possess less than one ounce of psilocybin, provided it is either in the possession of one person or securely cultivated within their residence for personal use.

Additionally, the bill mandates that, contingent upon the U.S. Food and Drug Administration's (FDA) rescheduling of psilocybin, the Rhode Island Department of Health shall establish rules and regulations pertaining to the cultivation, distribution, and medical prescription of psilocybin. It also allows for access to psilocybin for patients with serious or life-threatening mental or behavioral health disorders, contingent upon the FDA's expansion of its access program, at locations in Rhode Island approved by the Department of Health.

The provisions of this section are set to sunset on July 1, 2027. Prior to this sunset, the Attorney General is required to provide a report to the Speaker of the House and the President of the Senate regarding the number of violations issued for possession, cultivation, or distribution of psilocybin. Additionally, the Director of the Department of Health shall provide a report to the Speaker of the House and the President of the Senate relating to the FDA's scheduling of psilocybin and permitted use for the treatment of mental or behavioral health disorders. The act is scheduled to take effect on July 1, 2025.