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Colorado began accepting retail marijuana applications on October 1, 2013. To help business professionals stay up-to-date on the new rules and regulations, SuretyBonds.com has compiled this guide to the Colorado marijuana retail license.
Do you operate a licensed medical marijuana center or a licensed medical marijuana-infused products business? Or, do you hold an optional premises cultivation license? Maybe you currently have a pending application with the State Licensing board that has not yet been approved. If so, you might be eligible to submit a retail marijuana application to the Colorado Marijuana Enforcement Division beginning October 1, 2013.
Here are the top 5 things you need to know.
- Complete a Colorado Business Retail Marijuana License application AND post a $5,000 surety bond.* This surety bond guarantees that you, the applicant, pledge to uphold the regulations of the marijuana retail industry and the state of Colorado. If you fail to adhere to these terms, the surety that produces the surety bond will reimburse the state for any resulting losses. In turn, you will be responsible for repaying the surety up to the full bond amount of $5,000.
- Email [email protected] to schedule an appointment with a background investigator who will review your application. Include the legal name of your marijuana business, your name and phone number and the local jurisdiction (local authority) of each license in your email.
- Specify whether you wish to convert your medical marijuana business to retail ONLY or if you’re requesting a Combined Use license in your email. If you’re requesting a Combined Use license, specify if you’ll be relocating the business and, if so, where the new location will be. All license numbers must be included in the email.
- Bring two checks to your meeting. The first check should be made out to the Marijuana Enforcement Division and include your $250 application fee plus your MED license fee (fee amounts listed here). The other check should be in the amount of $250 and made out to the local authority in the area within which you plan to open and operate your retail marijuana business.
- Provide a complete application and all requisite fees at your appointment during October 2013, to receive a receipt date of October 1, 2013, and receive a conditional license with an effective date of January 1, 2014. These licenses will be mailed to applicants and local authorities during the week of December 23, 2013. If an application is deemed incomplete, it will be processed once all forms and fees have been received by the MED.
*The city of Denver requires a $20,000 surety bond for retail marijuana applicants.
DISCLAIMER: The bond form cannot be downloaded at this time due to legislation blocking the issuing of bonds for retail marijuana practices.
If you need a surety bond in Colorado or any other state, contact SuretyBonds.com online or by phone at 1 (800) 308-4358. An expert surety specialist will help you get your bond quickly, easily and accurately so that you can get back to what you do best: running your business.