SB16-040 - Marijuana Owner Changes

Passed/Signed into Law
Concerning Changes To The Requirements For Owners Of A Licensed Marijuana Business.

The bill includes in the definition of "owner", in the medical and retail marijuana codes, a recipient of a commercially reasonable royalty associated with the use by a licensee of intellectual property and a licensed employee who receives a share of the profits from an employee benefit plan. The state licensing authority has the authority to promulgate rules on the parameters of a commercially reasonable royalty.

Under current law, an owner of a medical or retail marijuana business must have been a Colorado resident for at least 2 years prior to applying for licensure. The bill allows an owner to be either a 2-year resident of Colorado or a United States citizen on the date of the application for applications submitted on or after January 1, 2017, and prohibits an owner from being a publicly traded company. The bill requires a controlling interest of the licensees, as determined by the operating agreement, to be Colorado residents and maintain that residency while licensees.

Latest update: June 10, 2016
06/10/2016 Governor Signed
05/20/2016 Sent to the Governor
05/20/2016 Signed by the Speaker of the House
05/18/2016 Signed by the President of the Senate
05/11/2016 Senate Considered House Amendments - Result was to Concur - Repass
05/10/2016 House Third Reading Passed - No Amendments
05/09/2016 House Second Reading Passed with Amendments - Committee
05/05/2016 House Second Reading Laid Over Daily - No Amendments
05/05/2016 House Committee on Appropriations Refer Amended to House Committee of the Whole
05/04/2016 House Committee on Finance Refer Unamended to Appropriations
05/03/2016 House Committee on Business Affairs and Labor Refer Unamended to Finance
04/27/2016 Introduced In House - Assigned to Business Affairs and Labor
04/21/2016 Senate Third Reading Passed - No Amendments
04/20/2016 Senate Second Reading Passed with Amendments - Committee
04/15/2016 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole
02/17/2016 Senate Committee on Business, Labor, & Technology Refer Amended to Appropriations
01/19/2016 Introduced In Senate - Assigned to Business, Labor, & Technology