HB19-1090 Summary

• Allows publicly traded corporations to own interests in Colorado marijuana businesses (medical and retail) while establishing new ownership disclosure and suitability requirements for all ownership structures

• Creates definitions for "controlling beneficial owners," "passive beneficial owners," and "indirect financial interest holders" with different investment thresholds and regulatory requirements for each category

• Requires comprehensive organizational charts and ownership disclosures at license application and renewal, with specific information requirements varying by entity type (publicly traded, private funds, natural persons, etc.)

• Establishes suitability finding procedures for controlling beneficial owners and allows state licensing authority to conduct investigations, with 120-day approval timelines and applicant-funded cost requirements

• Appropriates $54,766 for fiscal year 2018-19 and $2,728,795 for fiscal year 2019-20 to the Department of Revenue for enforcement and legal services to implement new regulations