MJ Biz report
A Colorado bill that would set aside cannabis social equity licenses for prospective entrepreneurs and give them a leg up in getting started sailed through the state Legislature and was sent to the governor’s desk for his signature.
Under the legislation, social equity license holders would qualify for mentorship programs and financial incentives to help get their business off the ground.
Introduced only a week ago after the death of George Floyd in Minneapolis, House Bill 20-1424 changes the term “accelerator licensee” to “social equity licensee” in the state’s marijuana regulations.
In the “Colorado Marijuana Code”, the bill changes the term “accelerator licensee” to “social equity licensee” and alters the qualifications. A social equity licensee may participate in the accelerator program on the premises of a retail marijuana licensee whereby the social equity licensee receives assistance from an experienced retail marijuana licensee. The bill expands the accelerator program to include a retail marijuana store licensee. A retail marijuana licensee participating in the accelerator program and a social equity licensee may be entitled to incentives from the department of revenue or the office of economic development and international trade.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)