RI S2980

Modifies the social equity applicant residency requirement from "five of the preceding ten years" to simply "five years" in a disproportionately impacted area for 51% ownership qualification

Creates a new "Disproportionately Impacted Areas Investment Fund" administered by a 501(c)(3) public charity to fund public housing, education, and health services in affected communities

Redirects 50% of state cannabis excise tax revenue to the social equity assistance fund and disproportionately impacted areas investment fund, with a 75%/25% split for the first five years shifting to 50%/50% thereafter

Strengthens criminal record protections by changing "may not" to "shall not" for prohibited uses of certain records (juvenile adjudications, arrests without conviction, expunged records, minor misdemeanors) in license applications

Establishes that convictions issued more than five years before an application date shall be deemed evidence of sufficient rehabilitation for licensing purposes