SB18-021 Summary

• Creates a closed-loop payment processing system pilot project for marijuana-related businesses under the state licensing authority, with rules developed in consultation with the state treasurer, department of public health and environment, and department of regulatory agencies

• Requires the system to include accounts for customers, registered patients, and caregivers at licensed medical marijuana centers and retail marijuana stores, plus all license holders, with both customer-to-business and business-to-business transaction functions

• Mandates an enrollment mechanism allowing both medical marijuana patients and recreational marijuana customers to participate in the pilot project

• Establishes system design goals including preventing marijuana revenue from going to criminal enterprises, preventing diversion to other states, preventing distribution to minors, preventing illegal drug trafficking cover-ups, and enhancing state tax collection

• Requires the state licensing authority to submit a report to the general assembly by December 31, 2019 detailing the pilot project's operation and success in achieving its stated purposes

• Makes the closed-loop payment processing system subject to Colorado's unclaimed property act and defines it as a banking and financial organization for regulatory purposes