The bill amends the Rhode Island Cannabis Act to enhance the regulatory framework surrounding cannabis by updating definitions and clarifying terms related to cannabis regulation. Key new definitions include "Administrator," "Adult use cannabis," "Applicant," "Cannabis products," and "Cannabis testing laboratory," which aim to clarify roles and responsibilities within the cannabis industry. The bill also introduces criteria for identifying "disproportionately impacted areas," focusing on factors such as poverty rates and historical law enforcement practices. Notably, it deletes the requirement that social equity applicants must have resided in these areas for at least five of the preceding ten years, streamlining the criteria for social equity status. Additionally, the bill mandates national criminal background checks for all cannabis license applicants and emphasizes transparency in the licensing process.

Furthermore, the bill establishes a "disproportionately impacted areas investment fund" to support initiatives in communities adversely affected by cannabis-related laws, including public housing and educational programs. It also creates a "social equity assistance fund" to provide grants to social equity applicants for operational expenses and workforce development. The bill modifies the distribution of cannabis tax revenue, allocating 50% to the marijuana trust fund and dividing the remaining 50% between the social equity assistance fund and the investment fund. Overall, the bill seeks to promote equity in the cannabis industry while ensuring public safety and the integrity of the licensing process.