New State Cannabis Office Debuts in Colorado

Colorado Governor Jared Polis announced the official formation of the Cannabis Business Office (CBO), which will manage several aspects of business owner support and social justice in the industry.

Governor Polis said in a statement July 28 that the new office will help improve the state’s already thriving cannabis industry. “The Cannabis Business Office shows that our administration is focused on growing this thriving industry that supports jobs and our economy,” said Governor Polis. “Where the federal government has fallen behind, Colorado will lead. Colorado is and always has been the best place to live, work, grow and sell cannabis. ”The CBO will be under the umbrella of the Colorado Office of Economic Development and Trade.

The adoption of Senate Law 21-111 during the 2021 legislative period in March 2021 made the CBO a reality. The bill states that while the state’s industry is a “$ 2 billion, $ 200 million economic engine” that has created over 40,000 jobs, very few cannabis entrepreneurs in the state have previous cannabis convictions. “The state is at a critical point where it must act to ensure that Colorado remains a leader in the marijuana industry and that all Coloradans have an equal opportunity to participate in that market; and the provision of technical and financial support to eligible entrepreneurs and small businesses will help their efforts get off the ground and be successful, which will benefit the state economy, ”the law reads.

“Therefore, it is beneficial to have a program in the Business Development Office to address these concerns and achieve these benefits.” SB 21-111 explains that $ 4 million would be allocated to support the operation of the office that would be paid from the state’s marijuana tax fund to invest in the marijuana entrepreneur fund.

Colorado’s industry becomes fairer with SB 21-111

The CBO will offer loans and grants to those who want to enter and / or remain successful in the industry. More importantly, it will help build support for those disproportionately affected by the war on drugs – especially people of color who have cannabis-related convictions on their files that could deter them from entering the industry to get in. Technical assistance is also provided to help business owners create a solid business plan and provide various advisory services.

SB 21-111 states that between July 1, 2022 and July 1, 2023 a report must be submitted to the governor detailing how the CBO is using its funds. To learn more, you can sign up for an email newsletter on the Colorado Office of Economic Development & International Trade website.

According to the latest sales data on Colorado’s cannabis industry, the state sold $ 962,071,139 between January and May this year. In total cannabis sales since recreational cannabis was introduced in 2014, the state has raised $ 10,940,865,212. With these numbers alone, there is no doubt that Colorado is already a leader in the country’s cannabis industry.

A recent July report from the Colorado Division of Criminal Justice also found that cannabis-related arrests fell significantly by 68 percent (or from 13,225 to just 4,290) between 2012 and 2019. The long report also looks at cannabis DUIs (which have increased over the years), updated percentages of adults who use cannabis, and tax revenues. The author and tracker of this data, Jack Reed, takes great care to explain the possibility of inconsistencies in this data due to the way it was collected or other external influences. “The majority of the data sources vary significantly in terms of historical inventory, and the reliability of some sources has improved over time,” Reed wrote in the report.

“As a result, it is difficult to draw conclusions about the potential impact of marijuana legalization and commercialization on public safety, public health, or youth outcomes, and this may always be the case due to a lack of historical data. Furthermore, the measurement of available data items can be influenced by the context of marijuana legalization. “