Denver Mayor Michael Hancock, a legal cannabis opponent turned supporter, has signed into a law a proposal to increase marijuana taxes from 3.5 percent to 5.5 percent to help fund more affordable housing.
In Pueblo, the city is using cannabis tax revenue to fund scholarships.
Colorado Sen. Michael Bennet in a letter to the White House
– Gov. John Hickenlooper
Here in Colorado Gov. Joh Hickenlooper, long considered supportive of the strictly-regulated marijuana industry, vetoed three industry-backed measures – including one that allowed for increased capital infusions into the state, which is crucial for keeping the industry growing in the state. It was a disappointing veto that not only jeopardizes tens of thousands of jobs but also ignores the professionals that worked tirelessly during his term to build the safest and most respected cannabis industry in the country.
Representatives from the cannabis industry expressed their discontent with the vetoes at a press conference. Three Colorado Leads members are quoted here.
Meanwhile in Washington, D.C., U.S. Sen. Cory Gardner, R-Colorado, introduced a bill that would protect the cannabis industry from uncertain federal enforcement policies.
“It’s time that we take this industry out of the shadows,” Gardner said.
“I’m actually kind of thrilled to see there are a lot of lobbyists at the table right now. We are representing businesses that are trying to run a business. Marijuana is the single most heavily regulated industry in the world. More than alcohol. More than oil and gas. Far more than any other substance in commerce today.”– Lobbyist Cindy Sovine
Colorado Leads, a cannabis business alliance of more than 50 Colorado companies, denounced Thursday Gov. John Hickenlooper’s veto of HB18-1011, a bipartisan bill which would have provided greater investment flexibility in marijuana businesses and created a more level playing field for the cannabis industry.
The bill, which overwhelmingly passed the state House and Senate last month, balanced the industry’s need to access capital – like any other legal business – with public safety. Prohibited by law from taking standard tax deductions and hamstrung by steep regulatory operating costs, the capital-starved industry viewed the bill as a critical solution.
“The Governor’s disappointing veto not only jeopardizes tens of thousands of jobs but also shows a true lack of respect for the professionals that worked tirelessly during his term to build the safest and most respected cannabis industry in the country,” said Chuck Smith, Colorado Leads Board President and CEO of Dixie Brands, Inc. “We look forward to working with the next governor who will show true leadership by honoring the will of the voters and keep Colorado at the forefront of this vibrant and growing world-wide industry.”
The governor’s veto puts Colorado cannabis companies in a precarious position. Only two other states in the country with legal cannabis prohibit businesses from accessing legitimate capital. Blocking the cannabis industry from accessing capital not only puts companies at an enormous competitive disadvantage, it renounces Colorado’s role as the nation’s cannabis leader.
“Colorado was uniquely positioned to lead the United States cannabis industry. We have a mature market, the best operators, and world class operations. If HB 1011 was not vetoed, investment would have eagerly poured into Colorado to establish the nation’s headquarters of operations, leading the roll-up of the cannabis industry from around the United States,” said Andy Williams, a Colorado Leads board member and Chief Executive of the Denver-based grower and dispensary Medicine Man.
“The jobs and revenue would have been a tremendous boost to our economy. As it is now, Gov. Hickenlooper has opened the door to other states to take that lead from us. I will most assuredly be looking to move my headquarters to a state that welcomes our industry.”
State Sen. Owen Hill, a Republican running for U.S. Rep. Doug Lamborn’s congressional seat, stopped by to talk to Colorado Leads members about the future of legal marijuana at both the state and federal level.
Another Colorado first?Lawmakers have sent Gov. John Hickenlooper a first-of-its-kind bill to allow cannabis tasting rooms.
But forget about marijuana delivery and social clubsLike the floundering attempts to create marijuana social clubs, efforts to test drive cannabis delivery in Colorado stalled out in the Colorado Legislature.
Gov. John Hickenlooper, intentionally or not, stepped into the contentious debate over whether legal marijuana is behind rising crime rates when he said he would consider recriminalizing recreational marijuana if it were indeed proven to be a driving factor. Beyond the sensational headlines, however, the governor said the connection seems unlikely. And Denver Police Commander James Henning says he doubts that the rise in crime stems from cannabis reform, noting the data is inconclusive.
Denver considers pot tax hike for affordable housing
The city’s 3.5 percent special tax on adult marijuana sales would increase to 5.5 percent, still far below the 15 percent threshold approved by voters several years ago.
Dispensary competition heats up in Aspen
Two established Colorado cannabis retailers seek to compete in Aspen’s Durant Mall. The move would bring to seven the number of marijuana shops in the ski town.