Tuesday, May 5, 2015

Colorado Residency Restriction On Ownership of Marijuana Licenses "Rumors"

There have been a lot of rumors lately that the CO legislature is lifting the residency restriction on ownership of marijuana licenses. Unfortunately, that is not correct. Attached is the current version of the bill that will likely pass by the end of the sessiontomorrow. This bill only legalizes out of state options for ownership after the investor meets all residency requirements. This was a practice that was common a few years ago, but in the last year the MED has ruled these agreements are not legal. So essentially, this bill will just re-legalize convertible equity notes, but not lift the residency restriction.

The only other significant legislation this year is that marijuana license holders will no longer be allowed to be caregivers. Contact me if you have any questions. 


Sincerely,

Sean McAllister