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 or share less than one ounce of psilocybin, provided it is either in the possession of one person or securely cultivated within a person's residence for personal use.

Additionally, the bill mandates that the Rhode Island Department of Health establish rules and regulations regarding the cultivation, distribution, and medical prescription of psilocybin, contingent upon the U.S. Food and Drug Administration's (FDA) rescheduling of the substance.

The bill also provides for access to psilocybin for patients with serious or life-threatening mental or behavioral health disorders, who are without access to effective mental or behavioral health medication, at locations in Rhode Island approved by the Department of Health, contingent upon 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 required to report on the number of violations related to the possession, cultivation, or distribution of psilocybin, and the Department of Health to report on the FDA's scheduling of psilocybin and permitted uses for the treatment of mental or behavioral health disorders prior to this date. The act is scheduled to take effect on July 1, 2025.