CO HB1379

Creates new "permitted economic interest" definitions for both medical marijuana and retail marijuana businesses, allowing unsecured convertible debt instruments, options, and warrants that can convert to ownership when the holder qualifies and obtains a license.

Permits only natural persons who are lawful U.S. residents to hold permitted economic interests, with conversion rights contingent on obtaining an owner license under the applicable article.

Requires state licensing authority to promulgate rules by January 1, 2016, establishing criminal history record check processes, divestiture requirements, and approval procedures for permitted economic interests.

Appropriates $166,305 to the Department of Revenue's marijuana enforcement division (1.4 FTE), $15,999 to Colorado Bureau of Investigation, and $33,254 to the Department of Law (0.2 FTE) for the 2015-16 fiscal year.

Transfers $138,466 from the marijuana tax cash fund to the general fund on August 15, 2015, and takes effect 90 days after final adjournment of the general assembly, subject to approval by voters in November 2016 if a referendum petition is filed.