The bill amends the Rhode Island Cannabis Act by introducing new definitions related to cannabis, including terms such as "adult use cannabis," "cannabis establishment," and "social equity applicant." It specifies that individuals who have resided for at least five years in disproportionately impacted areas are eligible for social equity assistance. The bill also clarifies that no person shall be automatically disqualified from obtaining a license due to prior cannabis possession convictions, provided they demonstrate sufficient rehabilitation, specifically regarding convictions issued prior to five years before the application date.

Additionally, the bill establishes a social equity assistance program and fund aimed at supporting communities adversely affected by cannabis law enforcement. It mandates that a dedicated disproportionately impacted areas investment fund be created within the general fund, separate from other state monies. This fund will be used for various purposes, including public housing development, education funding, and health subsidies in disproportionately impacted areas.

The bill outlines the allocation of cannabis excise tax revenue, stating that fifty percent of the revenue collected from the state cannabis excise tax will be deposited into the marijuana trust fund, while one hundred percent of the revenue from the sales tax will go into the general fund. Furthermore, the other fifty percent of the cannabis excise tax revenue will be divided, with seventy-five percent allocated to the social equity assistance fund and twenty-five percent to the disproportionately impacted areas investment fund for the first five years. After this period, the allocation will shift to an equal split of fifty percent for each fund in perpetuity. The bill is set to take effect immediately upon passage.

Statutes affected:
531: 44-70-5