Source -- Under House Bill 1090, a publicly-traded corporation can invest in a marijuana business or become a marijuana business. The measure also changes statutory definitions around ownership and investment for medical and retail marijuana.
Polis called House Bill 1090 “transformational.” Until now, it’s been challenging for companies in the cannabis industry to raise capital in public or private markets, Polis explained. That means growth is slowed, employees aren’t paid as well and companies can’t expand as fast. “If we want Colorado, rather than Canada, to have the good jobs of the future in the cannabis industry, it’s critical that we make our state hospitable for raising capital, public and private, for cannabis companies.”
This law will treat cannabis like any other business, added Republican Rep. Kevin Van Winkle of Highlands Ranch, who co-sponsored the measure. This was also a measure that Hickenlooper vetoed in 2018.
Woosh! Just like that – Big week of changes here in Colorado. Social Use is Coming – Home Delivery is Coming – and the money… The Money is coming now too.
Last year former Gov. Hickenlooper vetoed a version of this outside investment bill, seemingly out of nowhere (many thought it was a formality to pass) him doing so was a major setback to the industry in Colorado. Entrepreneurs here in Colorado have been left on the sidelines looking on as huge amounts of investment money flows into this industry – but in to other states. Colorado has led the way in so many areas of the industry, yet failed in this one – until this week! (err…. Until later this year when the law is on paper and finalized and all that fun legal mumbojumbo is done, whatever)
Did you know that Denver Dab Company was founded by two people using all of their own life savings? We have never gone out to raise money, we have not brought in any big time investors (so far) and the CEO was not even taking a salary until just recently this year. We’ve made our mark in this industry through our high quality products, attention to detail, hard work and by genuinely caring about our employees and our end users. We’ve never had the advantage of being able to make mistakes that waste time and money. Many of our competitors have. (yep, sometimes this makes us jealous….but I was told I couldn’t name names.)
The other items Gov. Polis passed this week are also tremendously positive for our industry. A lot of big changes coming. What’s next…. An actual legal Banking system??? Ok fine, I won’t get too nuts on a Friday. Not really a Colorado only thing anyway. Baby steps.