SALT Report 1917 – Due to the passage of Amendment 64, the Colorado Department of Revenue has released information regarding the state’s planned implementation of tax laws and regulations related to the personal use, possession, and growing of marijuana.
The amendment establishes that the application fees for a business to start selling marijuana may not exceed $5,000. This amount is less than the application fee to start a medical marijuana business which ranges from $7,500 to $18,000 depending on the size of the operation.
The amendment also requires that the Department of Revenue establish the following regulations by July 1, 2013:
- Procedures for issuing, renewing, suspending and revoking a license to operate a marijuana establishment,
- A schedule of application, licensing and renewal fees,
- Qualifications for a license that are related to operating a marijuana establishment,
- Labeling requirements for marijuana and marijuana products, and
- Civil penalties for noncompliance with regulations
The Department’s guide also provides information regarding the requirements for enacting both a marijuana excise tax and licensing requirements for the various types of marijuana establishments.
For Further Information: