Signed by Governor John Hickenlooper

Vote Smart's Synopsis:

Vote to pass a bill that authorizes retail marijuana licensees to complete a one-time transfer of retail marijuana and related products to a medical marijuana licensee.

Highlights:

• Authorizes a retail marijuana store, cultivation facility, or products manufacturer to engage in a one-time complete inventory conversion and license surrender if (Sec. 4):

• The retail marijuana licensee provides written notice to the state licensing authority identifying any retail marijuana or retail marijuana products that will be transferred, as well as any medical marijuana centers, manufacturers, or cultivation operations that will receive such products as a result of the inventory conversion; and

• The inventory conversion is completed within 30 days of providing such notice, after which any marijuana or related products not transferred are destroyed and the party’s license is surrendered.

• Specifies that a retail marijuana store, cultivation facility, or manufacturer subject to a suspension is not eligible for an inventory conversion and license transfer (Sec. 4).

• Authorizes a medical marijuana licensee to accept a transfer of retail marijuana or retail marijuana products from a retail marijuana licensee (Sec. 2).

• Requires a tax of 15 percent of the average market rate for unprocessed marijuana for the first sale or transfer of unprocessed retail marijuana by a cultivation facility if the transaction is between affiliated retail marijuana business licensees (Sec. 6).

• Authorizes localities to levy, collect, and enforce excise taxes on the first sale or transfer of retail marijuana by a cultivation facility (Sec. 7).

Full Bill Text