NC S350

Legalizes possession and use of cannabis for adults 21 and older, with limits of 2 ounces of cannabis, 15 grams of concentrate, 2,000 mg THC in products, and 6 plants for personal cultivation

Creates a state-regulated cannabis industry overseen by the NC Alcoholic Beverage Control Commission, with cannabis sold through ABC stores and licensed cannabis stores operating between 9 AM and 9 PM (closed Sundays and holidays)

Establishes the Office of Community Reinvestment with three funds to support communities disproportionately impacted by cannabis prohibition, including zero-interest loans and grants for "community reinvestment applicants" who receive 180-day priority for business licenses

Imposes excise taxes on cannabis based on THC content, with revenue distributed to regulation (50%), community reinvestment (25%), social opportunity programs (10%), substance abuse treatment (7%), and other programs

Legalizes medical cannabis with registry identification cards for patients with qualifying conditions and requires automatic expunction by July 1, 2028, of prior convictions for marijuana offenses that become legal under the new law