On March 15, Governor Jay Inslee signed into law Engrossed Substitute Senate Bill 5928, “Making financial services available to marijuana producers, processors, retailers, qualifying patients, health care professionals, and designated providers as authorized under chapters 69.50 and 69.51A RCW.”

ESSB 5928 adds a new section to Chapter 9.01 RCW stating that financial institutions, CPAs, and CPA firms do not commit a crime under Washington State law solely for providing financial services to licensed marijuana businesses.

Although marijuana remains a Schedule I substance under federal law, ESSB 5928 ensures that such entities are protected from facing any criminal charges in the State and adds a layer of protection not only for the financial industry and for the CPA profession but also reduces the risk of marijuana businesses becoming targets for crime.

ESSB 5928 Summary

• Passed Senate 38-9 on February 13
• Passed House 83-15 on March 1
• Signed by Governor March 15, effective June 7, 2018