Colorado Gov. Jared Polis signed a bill Wednesday that for the first time opens the state’s cannabis industry to outside investors.
The law is expected to bring new cash flow into Colorado as well as marijuana products from companies that previously were unable to do business in the state.
“By permitting access to capital through private and public investments with appropriate guardrails, this bill ensures that Colorado businesses keep their headquarters in the state, remain competitive, invest in research and development and other innovation and continue to contribute significant tax dollars to the state,” Chuck Smith, CEO of Dixie Brands, a Denver-based manufacturer of THC- and CBD-infused products, said in a prepared statement.
There was trepidation about the measure becoming law because Polis’ predecessor, John Hickenlooper, had vetoed a similar bill.
Polis also signed a measure allowing marijuana retailers to apply for a limited consumption license.
Under the law, marijuana shops, restaurants, hotels and other businesses may apply, beginning in January 2020, to have a social consumption area.
All licenses will require local approval.