The bill amends the Rhode Island Cannabis Act to make several changes regarding applications for licensure, the social equity assistance program, and the allocation of cannabis tax revenue. Key provisions include the introduction of new definitions, such as "disproportionately impacted areas investment fund," and modifications to the criteria for criminal record evaluations, allowing individuals with certain prior convictions to demonstrate sufficient rehabilitation for licensure purposes.

The bill establishes a dedicated disproportionately impacted areas investment fund within the general fund, which will be used for various purposes, including funding for public housing, education, and health subsidies in areas disproportionately affected by cannabis law enforcement. Additionally, a social equity assistance fund will be created, also within the general fund, to support similar initiatives.

The bill specifies that fifty percent of the revenue collected from the state cannabis excise tax will be allocated to the social equity assistance fund and the disproportionately impacted areas investment fund. For the first five years, seventy-five percent of the allotted state cannabis excise tax will be directed to the social equity assistance fund, with the remaining twenty-five percent going to the disproportionately impacted areas investment fund. After this initial period, the allocation will shift to fifty percent for each fund in perpetuity.

The act will take effect upon passage.

Statutes affected:
8265: 44-70-5