HB 16-1041 Summary

• Repeals the $5,000 surety bond requirement for medical marijuana businesses seeking state licenses, finding that such bonds are unavailable in the current marketplace due to federal illegality of marijuana.

• Repeals the $5,000 surety bond requirement for retail marijuana establishments, determining that the bonding requirement makes operation unreasonably impracticable in violation of Colorado's constitution.

• Modifies licensing prohibitions to remove "provide a surety bond" as a disqualification criterion for medical marijuana and retail marijuana license applicants, while retaining tax filing and payment requirements.

• Repeals the surety bond requirement for retail marijuana cultivation facilities that required bonds equal to two months of anticipated tax liability.

• Declares the act necessary to comply with Colorado's constitutional prohibition on regulations that make marijuana business operations unreasonably impracticable.