The bill amends the Rhode Island Cannabis Act by introducing new definitions and clarifying existing terms related to cannabis regulation. It modifies the definition of "applicant" to include both individuals and business entities seeking cannabis operation licenses, removing the previous requirement for ownership by Rhode Island residents. The bill establishes criteria for "social equity applicants," focusing on ownership by individuals who have been disproportionately impacted by cannabis laws, including those with prior cannabis-related convictions and individuals residing in disproportionately impacted areas.

The bill outlines a new process for the approval and certification of social equity and cannabis retail sales licenses, rendering previous application processes null and void. Within sixty days of the bill's effective date, the commission is required to commence a new social equity certification process and begin accepting applications for social equity applicants, as well as institute a new retail license application process. The commission must refund any application fees paid for prior processes that are rendered null and void.

Additionally, the bill mandates that applicants provide proof of age with valid government-issued identification and clarifies that prior criminal convictions do not automatically disqualify individuals from obtaining licenses if they demonstrate rehabilitation. The act will take effect upon passage.