The proposed bill amends Chapter 21-28 of the General Laws, known as the "Uniform Controlled Substances Act," by introducing a new section that exempts psilocybin from certain regulations. Specifically, it allows individuals to possess less than one ounce of psilocybin under specific conditions, such as personal possession or secure cultivation within a residence. Additionally, the bill mandates that, contingent upon the U.S. Food and Drug Administration's (FDA) rescheduling of psilocybin, the Rhode Island Department of Health shall establish rules and regulations pertaining to the cultivation, distribution, and medical prescription of psilocybin. Furthermore, contingent upon the FDA's expansion of its access program, patients with serious or life-threatening mental or behavioral health disorders, who lack access to effective medication, shall have access to psilocybin at locations in Rhode Island approved by the Department of Health.

The act is set to take effect on July 1, 2026, and will automatically sunset on July 1, 2028. Prior to the sunset date, the Attorney General is required to provide a report to the Speaker of the House and the President of the Senate regarding the number of violations issued for possession, cultivation, or distribution of psilocybin. Additionally, the Director of the Department of Health must report on the FDA's scheduling of psilocybin and its permitted use for the treatment of mental or behavioral health disorders. This legislation aims to create a regulated framework for psilocybin use while ensuring oversight and reporting on its implications.