Entrepreneurs getting ready to start their own retail marijuana business in Colorado have a handful of major hurdles to get over before the Colorado Marijuana Enforcement Division (M.E.D.) deems your business ready to operate. One of the biggest hurdles is getting approved and licensed to do business. Be sure you have read up on the application eligibility requirements as you are getting prepared to apply.
4 Different Classes
There are four types of Retail Marijuana Business Licenses that the Colorado M.E.D. issues to businesses. For those who are applying for their Colorado M.E.D. Retail Marijuana Business License, it is important to know which of the different types of Retail Marijuana Business Licenses in Colorado is right for your business.
Retail Marijuana Store License:
According to Colorado state statutes, a Retail Marijuana Store is a "facility from which any individual twenty-one years of age or older may purchase up to 1 ounce for Colorado residents and 1/4 ounce for non-residents. Retail Marijuana may not be cultivated or processed under this license."
Retail Marijuana Product Manufacturing License:
According to Colorado state statutes, a Retail Product Manufacturing license is "used exclusively for the manufacture and preparation of retail marijuana products and concentrates. Retail Marijuana may not be cultivated or sold to retail customers under this license - all sales must be made to Retail Marijuana Stores."
Retail Marijuana Cultivation License:
According to Colorado state statutes, a Retail Marijuana Cultivation License is "used exclusively for the cultivation of Retail Marijuana plants and the harvesting of Retail Marijuana. If not associated with a Product Manufacturer this licensee may sale Retail Marijuana to other cultivations, stores or product manufacturers within the Colorado Regulated system."
Retail Marijuana Testing Facility License:
According to Colorado state statutes, a Retail Marijuana Testing Facility is a "facility that performs testing and research on Retail Marijuana for other M.E.D. licensees."
Does your planned retail marijuana business fall under multiple categories? Do you think you will need multiple classes of Retail Marijuana Business Licenses? Not to worry because it is totally fine to apply for multiple classes of the business license. For further explanation, and answers to other similar questions, be sure to check out the Retail Marijuana Business License FAQ.
Be sure to carefully determine which Retail Marijuana Business License is right for your new business in Colorado's booming cannabis industry. Additionally, it is wise to seek out legal counsel when making important business decisions regarding such a regulated industry.
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