This should get overseas investors excited.
Although, remember the reason they are doing this is most likely because the market is so oversaturated that this is the only way to try and attract in more investment.
Denver no longer requires marijuana business applicants to prove they’re lawful residents of the United States, and state regulators aren’t far behind.
According to a July 5 announcement from the Denver Department of Excise and Licenses, the proof-of-residency requirement instituted in 2006 by state lawmakers was eliminated by recent legislation. Senate Bill 21-199 removed proof of lawful residence as a requirement to receive public benefits not just from the state, but also local authorities and municipalities (it didn’t affect requirements for federal aid). And Denver was quick to take advantage of that.
“Our immigrant community plays a critical role in our economy,” Excise and Licenses Executive Director Molly Duplechian said in a statement announcing the move. “We’re pleased to see our state lawmakers end the outdated anti-immigrant requirement that often limited an immigrant’s ability to pursue their dream of starting a business. An individual’s immigration status will no longer be a barrier to starting a business in the Mile High City.”
The new law “opens a new era of financial opportunities for immigrants,” according to the Denver announcement, but SB 199’s language doesn’t exempt applicants in all industries. According to Excise and Licenses, state agencies may still require “specific types” of identification for business licenses, with marijuana, liquor and tobacco operations listed as examples.