DENVER, CO - April 25, 2016: Herbs 4 You, a Denver medical marijuana and adult use recreational dispensary on E 9th Ave. The small shop is just off of the main drag of Broadway known as the "Green Mile." (Photo by Vince Chandler / The Denver Post)

How will Ownership Bill and residency changes affect Colorado pot industry?

Colorado Department of Revenue director says doing away with the two-year residency rule will represent a 'real change,' but adds that the agency is concerned about background checks

Colorado has several good reasons to reconsider its rules regarding the ability of out-of-state investors to get into the weed business, including the possibility that California will legalize recreational marijuana (California doesn’t ban out-of-state owners) and the continuing problems with banking.

So it’s no surprise that Colorado, which currently requires every owner of a marijuana business to be a resident for at least two years before he or she can even apply for a license, is looking at Senate Bill 40, the so-called Ownership Bill, regarding marijuana investing within the state.

“If this bill is successful through the rest of the process, it’s really going to represent a real change for ownership within the state of Colorado,” says Lewis Koski, Colorado Department of Revenue deputy senior director of enforcement.

The Ownership Bill eliminates the requirement for the owner to be a two-year Colorado resident. However, Koski points out, the bill would still require an owner to be a resident for one year, and it stipulates that “there always has to be a Colorado resident owner here in the state of Colorado.”

The main concern that the CDR has, he adds, is how that will affect background checks.

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