The bill amends the Rhode Island Cannabis Act by introducing new definitions related to cannabis, including "criminal record information" and "social equity assistance program and fund." It modifies disqualification criteria for individuals with prior cannabis-related convictions, stating that no person shall be automatically disqualified to practice, pursue, or engage in any occupation due to past convictions, specifically allowing for evidence of sufficient rehabilitation for convictions issued prior to five years before the application date.

The bill establishes a dedicated social equity assistance fund and a disproportionately impacted areas investment fund within the general fund, separate from other state monies. These funds will be used for various purposes, including the development of public housing, funding for education and youth programs, and health subsidies in disproportionately impacted areas. A 501(c)(3) public charity will administer these funds, in consultation with the cannabis advisory board, and will establish criteria for disbursement.

Additionally, the bill specifies the allocation of cannabis tax revenue, mandating that fifty percent of the revenue collected from the state cannabis excise tax be deposited into the marijuana trust fund, with one hundred percent of the sales tax revenue going into the general fund. For the first five years, seventy-five percent of the allotted state cannabis excise tax will be deposited into the social equity assistance fund, and twenty-five percent into the disproportionately impacted areas investment fund. After five years, the allocation will shift to fifty percent for each fund in perpetuity.

Overall, these amendments aim to enhance support for social equity initiatives and ensure a more equitable distribution of cannabis tax revenue.

Statutes affected:
2980: 44-70-5