The bill amends Section 21-28.6-12 of "The Edward O. Hawkins and Thomas C. Slater Medical Marijuana Act" to enhance the regulatory framework for compassion centers that handle medical marijuana. It introduces new provisions that allow these centers to acquire, possess, cultivate, and dispense medical marijuana to registered patients and caregivers, while also establishing the responsibilities of the Department of Health and the Department of Business Regulation in overseeing these operations. Key changes include a timeline for the Department of Health to accept applications for new compassion centers, a requirement for public hearings, and a mandate that if fewer than three centers are licensed, new applications must be accepted. The bill also merges cultivation and compassion center licenses under certain conditions and replaces outdated provisions with updated regulations.

Additionally, the bill outlines new requirements for compassion centers, including a $500,000 inventory monitoring and tagging fee to be paid in quarterly installments, and mandates that all principal officers and board members be Rhode Island residents. It specifies the maximum amount of usable marijuana that can be dispensed to patients and establishes a database for tracking transactions. The bill also introduces penalties for violations, including the revocation of registry identification cards for employees and agents found in breach of regulations. Furthermore, it creates a nine-member legislative oversight committee to evaluate patient access and the efficacy of compassion centers, ensuring ongoing oversight and compliance with the law.