SB17-192

SB17-192 - Marijuana Business Efficiency Measures

Passed/Signed into Law
Concerning provisions to allow marijuana businesses to operate more efficiently, and, in connection therewith, making an appropriation.

The bill allows the state licensing authority to authorize single-instance transfers of retail marijuana or retail marijuana products from a retail marijuana licensee to a medical marijuana licensee. If granted, the transfer must be completed within 30 days of the date the transfer was approved. A retail marijuana license that is subject to suspension is not eligible for the transfer and any retail marijuana or retail marijuana product that is subject to an administrative hold is not eligible for transfer.

Under current law, the department of revenue determines the average market rate for purposes of excise tax collection on retail marijuana every 6 months. The bill gives the department the authority to calculate the average market rate on a quarterly basis. The average market rate cannot include taxes paid on sales or transfers. The bill requires a separate average market rate for unprocessed marijuana for extraction that is lower than the average market rate for unprocessed marijuana for direct sale. The bill states that the average market rate should be used to calculate the state excise tax on affiliated transactions, and the contract price should be used to calculate the excise tax on unaffiliated transactions. The bill clarifies that the average market rate will be used to calculate the excise tax on all county, municipal, or metropolitan district transactions.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

Latest update: June 2, 2017
06/02/2017 - Governor Signed
05/18/2017 - Sent to the Governor
05/18/2017 - Signed by the Speaker of the House
05/18/2017 - Signed by the President of the Senate
05/09/2017 - Senate Considered House Amendments - Result was to Concur - Repass
05/09/2017 - Senate Considered House Amendments - Result was to Reconsider
05/08/2017 - House Third Reading Passed - No Amendments
05/05/2017 - House Second Reading Special Order - Passed with Amendments - Committee, Floor
05/04/2017 - House Second Reading Laid Over Daily - No Amendments
05/03/2017 - House Second Reading Laid Over Daily - No Amendments
05/02/2017 - House Second Reading Special Order - Laid Over Daily - No Amendments
05/02/2017 - House Committee on Appropriations Refer Unamended to House Committee of the Whole
05/01/2017 - House Committee on Finance Refer Amended to Appropriations
04/12/2017 - Introduced In House - Assigned to Finance + Appropriations
04/12/2017 - Senate Third Reading Passed - No Amendments
04/11/2017 - Senate Second Reading Passed with Amendments - Committee, Floor
04/10/2017 - Senate Second Reading Laid Over Daily - No Amendments
04/06/2017 - Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole
03/16/2017 - Senate Committee on Finance Refer Amended to Appropriations
03/14/2017 - Senate Committee on Finance Lay Over Amended
03/08/2017 - Senate Committee on Business, Labor, & Technology Refer Amended to Finance
03/01/2017 - Senate Committee on Business, Labor, & Technology Witness Testimony and/or Committee Discussion Only
02/14/2017 - Introduced In Senate - Assigned to Business, Labor, & Technology