Recently, the Washington State Liquor and Cannabis Board (the “LCB”) issued a new Notice of Rulemaking for the stated purpose of implementing 2017 legislative changes. This new proposal supplements the rules proposed in April of this year.
The prohibition on foreign investment remains in the new rule proposal. Until now, neither state legislation nor LCB rules explicitly required financiers to be US residents. It is unclear whether the concern driving this change is keeping a level playing field for marijuana businesses or avoiding federal scrutiny.