Colorado, where recreational marijuana was legal four years ago, has a new bill advancing to increase its competitive edge amid a ballooning and lucrative cannabis market.
The House Bill 1011, “Marijuana Businesses Allow Publicly Traded Owners,” was approved on Wednesday on a vote of 8 to 6, The Denver Post reported on Wednesday.
The bill omits any residency requirements in Colorado, paving the way for more out-of-state individuals and publicly traded companies to invest or have an ownership interest in state-licensed cannabis businesses.
The bill is now heading to the House Appropriations committee.
Supporters of the bill said the new change is needed to keep Colorado competitive amid growing marijuana businesses that are going global.
“We’re at a point where we’re actually behind the curve,” said Rep. Dan Pabon, D-Denver, Wednesday, when addressing the Finance Committee.
The new bill is to repeal old provisions.
The old regulation limits out-of-state ownership to 15 individuals as well as prohibiting publicly traded entities from holding a marijuana license.
The new changes will allow for both increased investment from existing public companies and local licensed businesses to become publicly traded, Pabon said.[share-btn]