House Bill 1011, Marijuana Businesses Allow Publicly Traded Owners, enables out-of-state companies and individual financiers to have ownership interest and investments in state-licensed cannabis businesses.
As more states vote for legalization, the ability to bring investors in has become crucial for states to ensure that they are a major hub in an industry becoming more and more corporate.
"I do see where the money's flowing right now, and it's not to Colorado," entrepreneur and Medicine Man Technologies co-founder Andy Williams tells The Cannabist.
The bill removes limiting provisions such as a 15-person cap on out-of-state ownership and prohibiting publicly traded entities from attaining a marijuana license. The move would further push the debate on federal prohibition, especially in reporting income in nonlegal states.
And Colorado is looking to be ahead in terms of legal places for weed consumption. House Bill 1258 looks to offer consumption licensing for recreational businesses who already have cannabis licenses.
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