The bill amends the Rhode Island Cannabis Act by modifying definitions and clarifying existing terms related to cannabis regulation. It revises the definition of "applicant" to include both individuals and business entities, 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.

Additionally, the legislation introduces a new process for the approval and certification of social equity and cannabis retail sales licenses. It nullifies previous social equity certification and license application processes, requiring the commission to commence a new social equity certification process and begin accepting applications within sixty days of the effective date. The commission is also tasked with instituting a new retail license application process and refunding any application fees paid for prior processes rendered null and void.

The bill outlines licensing requirements for cannabis cultivators, product manufacturers, and retailers, mandating that applicants provide proof of age and valid government-issued identification. It specifies that cultivators must maintain good standing and comply with local ordinances, while product manufacturers and wholesalers must adhere to strict testing protocols. Retail sales applicants are required to demonstrate compliance with tax obligations and municipal zoning regulations, along with a nonrefundable application fee and an annual fee to support a social equity fund.

Furthermore, the bill addresses the consideration of criminal records in the licensing process, ensuring that individuals with prior cannabis-related convictions that have been decriminalized are not automatically disqualified if they can demonstrate rehabilitation. The commission's new application, approval, and certification processes for social equity and cannabis retail sales licenses are not contingent upon the promulgation of new regulations, provided they comply with the chapter and existing non-conflicting regulations. No right of action shall exist for individuals or entities previously certified as social equity applicants if they no longer meet the criteria.