The proposed 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 this new provision, individuals may possess or cultivate less than one ounce of psilocybin for personal use, provided that it is either in the possession of one person or securely cultivated within their residence. Additionally, the bill stipulates that the Rhode Island Department of Health will establish rules regarding the cultivation, distribution, and medical prescription of psilocybin, contingent upon the U.S. Food and Drug Administration's (FDA) rescheduling of the substance.

Furthermore, the bill allows patients with serious mental or behavioral health disorders to access psilocybin at approved locations in Rhode Island, again contingent on the FDA's expansion of its access program. The provisions of this section are set to sunset on July 1, 2027, with the Attorney General and the Director of the Department of Health required to report on violations and FDA scheduling, respectively, prior to this date. The act is scheduled to take effect on July 1, 2025.