The Washington State House Consumer Protection & Business Committee has scheduled votes for tomorrow, February 21, on three marijuana-related bills that could impact business ownership, home cultivation, and out-of-state investments in the state’s legal marijuana market.
Among the bills up for a vote is House Bill 1348, which would allow Employee Stock Ownership Plans (ESOPs) to own up to 100% of a licensed marijuana business or its parent company. Under the bill, corporate officers and directors would be considered the applicants or owners and required to meet licensing qualifications. However, ESOP participants, administrators, and trustees would not be classified as owners, true parties of interest, or subject to residency, background checks, or financial disclosure requirements.
House Bill 1449, also up for a vote tomorrow, would permit adults 21 and older to grow up to six marijuana plants at a private residence, with a cap of 15 plants per household. While Washington law currently limits possession to one ounce of marijuana, this bill would allow home growers to retain all harvested marijuana from their plants, regardless of the quantity.
House Bill 1940 would authorize out-of-state ownership of licensed marijuana businesses. The Liquor and Cannabis Board would be empowered to impose additional licensing fees to cover the costs of investigating nonresident applicants. Additionally, the bill includes provisions to exempt marijuana businesses in the Cannabis Social Equity Program from the Business & Occupation Tax for five years once they surpass $5,000 in sales revenue.
Along with these votes, the committee will also hold a public hearing on House Bill 1932, a proposal that would establish legal marijuana consumption venues in Washington. If approved, the bill could pave the way for businesses to create designated areas where adults could legally consume marijuana products in a social setting.
The committee is set to convene at 8am.
