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Legislative Year: 2021 Change
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Bill Detail: SB21-111

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Title Program To Support Marijuana Entrepreneurs
Status Governor Signed (03/21/2021)
Bill Subjects
  • Business & Economic Development
House Sponsors L. Herod (D)
D. Ortiz (D)
Senate Sponsors D. Moreno (D)
J. Gonzales (D)
House Committee Appropriations
Senate Committee Appropriations
Date Introduced 02/19/2021
Summary

The bill creates a program in the office of economic development
and international trade (OEDIT) to support entrepreneurs in the marijuana
industry, which will primarily assist social equity licensees, as that term
is used in the Colorado Marijuana Code. The program consists of:
  • Loans to social equity licensees for seed capital and
ongoing business expenses;

  • Grants to social equity licensees to support innovation and
job creation and organizations that support marijuana
businesses to be used to support innovation and job
creation of social equity licensees; and
  • Technical assistance for marijuana business owners,
prioritizing social equity licensees who have been awarded
a loan or grant through the program.
OEDIT is authorized to directly administer the program itself or
through one or more partner entities. In consultation with other relevant
state agencies, industry experts, and other stakeholders, OEDIT is
required to establish policies setting forth the parameters and eligibility
for the program. OEDIT is required to consult with the Colorado
economic development commission regarding the administration of the
program. OEDIT is also required to submit a report by July 1 of 2022 and
2023 to the governor and legislative committees detailing program
expenditures.
The program is initially funded with a $4 million transfer from the
marijuana tax cash fund to the newly created marijuana entrepreneur
fund, from which the money is continuously appropriated to OEDIT for
the program. OEDIT may use some of this money for the program's
administrative expenses. Beginning with the fiscal year 2022-23, the
general assembly may appropriate additional money from the marijuana
tax cash fund to the marijuana entrepreneur fund.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (06/25/2021) (most recent)  
Additional Bill Documents Bill Documents
Including:
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  • Past fiscal notes
  • Committee activity and documents
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