Removing cannabis industry barriers.

SB 5456 removes a residency requirement that previously restricted cannabis business investments to Washington residents, allowing out-of-state investors (including venture capital and equity investors) to fund Washington cannabis businesses. It modifies licensing rules to require qualified investors to be named on licenses while maintaining transparency, and authorizes new fees for these changes. The bill also suspends inactive cannabis producer licenses to address oversupply concerns in the market. These changes aim to align Washington’s regulations with other states, support business growth, and stabilize the industry.