Assembly Bill 547 establishes a comprehensive regulatory framework for medical cannabis in Wisconsin, creating the Office of Medical Cannabis Regulation to manage a registry for patients and caregivers authorized to use medical cannabis products. The bill allows registered patients to possess various forms of medical cannabis, excluding those that can be smoked, and permits designated caregivers to handle these products. It outlines the licensing and regulation of cannabis growers, processors, testing laboratories, and dispensaries, with strict requirements for applicants, including residency and criminal background checks. All cannabis products must undergo testing for safety and potency before sale. The bill also amends existing laws related to the Prescription Drug Monitoring Program (PDMP) and includes confidentiality provisions regarding licensee identities and locations.

Additionally, the bill mandates that only licensed dispensaries, which pay an annual fee of $5,000, may sell or transfer medical cannabis products. It requires that a majority of dispensary principal officers or board members be state residents and prohibits individuals with certain criminal convictions from holding these positions. Dispensaries must consult with a pharmacist before dispensing to new patients and adhere to specific dosage limits. The bill enhances the PDMP by including medical cannabis records and eliminates the sunset provision for PDMP requirements. It also establishes a statewide seed-to-sale database to track cannabis products and decriminalizes possession and distribution of medical cannabis when compliant with the new regulations, while excluding certain items from the definition of drug paraphernalia when used in accordance with the medical cannabis program.