Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to pass a bill that establishes a program to support entrepreneurs in the marijuana industry.

Highlights:

• Defines “office” as the Colorado Office of Economic Development (Sec. 1.a).

• Establishes within the office a program to support entrepreneurs in the marijuana industry and specifies that the office will use the money for the following purposes (Sec. 1-3):

• Loans to social equity licensees for seed capital and ongoing business expenses, which involve rent, leases, local and state application and licensing fees, regulatory adherence, marijuana testing, equipment, capital improvements, and workforce training and retention;

• Grants to the following: and

• Social equity licensees; and

• Organizations that support marijuana businesses.

• Technical assistance for marijuana business owners, involving assisting business plan development, providing consulting services, and supporting existing public or private technical assistance programs.

• Establishes policies, through the office, that set forth the parameters and eligibility for the program, including (Sec. 1-3.c):

• The terms of and eligibility for a loan or grant in addition to qualifying as a social equity licensee;

• Caps on the amount of loan or grant;

• Deadlines for applying for a loan or grant;

• Grant requirements and loan repayment terms; and

• Any other policies necessary to operate the program.

• Specifies the Marijuana Entrepreneur Fund is created within the state Department of the Treasury and that the state treasurer will credit all interest and income derived from the deposit and investment of money in the Marijuana Entrepreneur Fund to the Fund (Sec. 1-4).

• Transfers $4 million from the Marijuana Tax Cash Fund to the Marijuana Entrepreneur Fund for Fiscal Years after July 1, 2020 (Sec. 1-4.b).

• Requires the office to submit a report to the governor, the Senate Business, Labor, and Technology Committee and the House Business Affairs and Labor Committee detailing how the office is expending money (Sec. 1-5).

• Authorizes the General Assembly tp annually appropriate any money in the fund for entrepreneurs in the marijuana industry (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes a program to support entrepreneurs in the marijuana industry.

Highlights:

• Defines “office” as the Colorado Office of Economic Development (Sec. 1.a).

• Establishes within the office a program to support entrepreneurs in the marijuana industry and specifies that the office will use the money for the following purposes (Sec. 1-3):

• Loans to social equity licensees for seed capital and ongoing business expenses, which involve rent, leases, local and state application and licensing fees, regulatory adherence, marijuana testing, equipment, capital improvements, and workforce training and retention;

• Grants to the following: and

• Social equity licensees; and

• Organizations that support marijuana businesses.

• Technical assistance for marijuana business owners, involving assisting business plan development, providing consulting services, and supporting existing public or private technical assistance programs.

• Establishes policies, through the office, that set forth the parameters and eligibility for the program, including (Sec. 1-3.c):

• The terms of and eligibility for a loan or grant in addition to qualifying as a social equity licensee;

• Caps on the amount of loan or grant;

• Deadlines for applying for a loan or grant;

• Grant requirements and loan repayment terms; and

• Any other policies necessary to operate the program.

• Specifies the Marijuana Entrepreneur Fund is created within the state Department of the Treasury and that the state treasurer will credit all interest and income derived from the deposit and investment of money in the Marijuana Entrepreneur Fund to the Fund (Sec. 1-4).

• Transfers $4 million from the Marijuana Tax Cash Fund to the Marijuana Entrepreneur Fund for Fiscal Years after July 1, 2020 (Sec. 1-4.b).

• Requires the office to submit a report to the governor, the Senate Business, Labor, and Technology Committee and the House Business Affairs and Labor Committee detailing how the office is expending money (Sec. 1-5).

• Authorizes the General Assembly tp annually appropriate any money in the fund for entrepreneurs in the marijuana industry (Sec. 2).

Full Bill Text