House Bill 2433 amends existing Washington law by revising the definitions in RCW 69.50.101 and by changing provisions in RCW 69.50.535 and RCW 69.50.325. The bill updates many statutory definitions relating to cannabis and controlled substances (including THC concentration thresholds for “cannabis,” “cannabis concentrates,” and “cannabis‑infused products”), adds requirements for lot numbers, and defines “social equity plan” elements. It also establishes a cannabis excise tax on retail sales with specified rates by product type and measure (per‑gram rates for useable cannabis, trim, and prerolls and per‑milligram‑THC rates for concentrates and edibles/topicals), requires separate itemization on receipts and pricing, daily deposit of revenues into a dedicated cannabis account, seller collection and trust liability, and a medical‑sale exemption through June 30, 2029 for sales to qualifying patients or designated providers that meet testing/eligibility rules. The bill makes regulatory and procedural changes for licensing and oversight: it sets application and annual fees for producer, processor, and retailer licenses ($250 application; $1,381 annual), requires a separate license for each physical location, includes non‑criminalization language for licensed production, and requires the board to adopt rules for license forfeiture where a retail licensee is not operational (with limitations such as a nine‑month initial protection and a 24‑month forfeiture deadline unless justified, and exceptions where local government action prevents opening). The measure also imposes an aggregate ownership limit of five retail cannabis licenses per individual and associated persons/entities and restricts management or other agreements that would create financial interests across more than five licenses; examples of “financial interest” include shared branding, operational control, coordinated marketing, and shared hiring or employment arrangements. These are definitional, fiscal, regulatory, and procedural changes to existing statutes (not new criminal offenses), including a new or revised excise tax structure, licensing fee and forfeiture procedures, and ownership limits. Important portions of the statutory text are incomplete or truncated in the provided material: the full definitions of “narcotic drug” and “controlled substance analog,” the complete list of items defining “financial interest,” the complete amendments to RCW 69.50.325 and some cross‑referenced provisions, and the specified effective and expiration dates for parts of the act are not fully present in the extracted facts. Section 1 is noted to expire June 30, 2027, and Section 2 takes effect June 30, 2027.

If enacted, this bill creates a new, product‑specific cannabis excise tax that retailers must collect separately and show on receipts and price lists, with revenues deposited daily into a dedicated cannabis account. Retailers will likely need to revise pricing, receipts, and advertising, keep and report eligibility records to claim a medical‑patient exemption through June 30, 2029, and face personal liability if they fail to collect or remit the tax; the Liquor and Cannabis Board and the Department of Revenue will review and recommend tax adjustments over time. Licensed cannabis businesses will also face set application and annual fees, a requirement for separate licenses at each location, and an aggregate cap of five retail licenses per person or related owners plus limits on arrangements that create financial interests (examples given include shared branding, operational control, marketing coordination, or shared employees). Retailers that are not open within the board’s adopted timeframes can lose their license unless prevented from opening by local government actions, and licensees must follow new lot‑number, testing, and social equity plan expectations; some details about ownership definitions, certain truncated provisions, and other amendments are incomplete in the extracted text and therefore remain unclear.