Washington considers surety bond requirement for industrial hemp growers

retail marijuana

As the hemp growing industry becomes more widespread, Washington legislators have proposed a bill seeking to regulate the industry. Washington Senate Bill 5954, sponsored by Senators Hasewaga and Chase, was introduced on January 13, 2014, and has been referred to the Senate Agriculture, Water & Rural Economic Development Committee.

This bill seeks to regulate the hemp industry by requiring that “any person or business entity wishing to engage in the production of industrial hemp must be licensed as an industrial hemp grower by the director.”

The licensing process would require prospective industrial hemp growers to post either “a guaranteed irrevocable letter of credit or a surety bond executed by a surety company authorized to transact business in this state, in the sum of not less than two thousand dollars.”

This $2,000 surety bond requirement would not go into effect until the proposed bill gets signed into law. To follow the progress of SB 5954, check back for updates here on the Surety Bond Insider or refer to the bill’s online profile.

All quotes can be sourced to section four of the proposed bill. To read the full text of the bill, click here.

If you need a surety bond in Washington or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday between 8 a.m. and 7 p.m. CST. Our team of surety experts are on hand, ready to assist you with all of your bonding needs.

For other news regarding the Washington marijuana industry, check out SuretyBonds.com’s latest infographic.