Colorado Governor Approves Cannabis Social Equity Bill

Next year will mark an entire decade of Colorado’s legal recreational cannabis market. In 2012, the Centennial State — along with Washington — became the first two states to legalize adult-use cannabis in the U.S.

After so many years of running the market, Colorado is still working on its improvement.  

Social Equity Bill

Just recently, the House approved a bill to raise the allowed possession limit, while the governor signed legislation to form a social equity fund for the industry, reports Marijuana Moment.

Governor Jared Polis visited a Denver-based dispensary to approve a measure that would create a program within the state Office of Economic Development and International Trade to back cannabis enterprises owned by people most affected by the war on drugs.  

The program is supposed to offer those owners loans for initial investments and further business costs, and also grants to back inventions and new job creations. Around $4 million from Colorado’s cannabis tax fund will be used to fuel the program, writes the outlet.

According to the data from the state’s Department of Revenue, Colorado has seen in excess of $10 billion in cannabis sales since the recreational program began in 2014.

An alliance of minority-owned cannabis companies, Black Brown and Red Badged (BBRB), participated in the formation of the legislation.

“Our war on marijuana falls disproportionately on people of color, effectively reducing access to an industry that’s fully legal and regulated in our state,” Polis said during a press conference prior to signing the bill.

Hashim Coates, BBRB Executive Director, explained that equity in this industry means having opportunities, “and having the ability to capitalize on those opportunities. We know that access to capital is the most critical component to success for these entrepreneurs, so we conceived of a loan program similar to the [federal Small Business Administration].”

Bill Aims To Increase Cannabis Possession Limit For Adults

The other cannabis-focused bill voted for in the Colorado House last week proposes raising the limit for cannabis possession for adults to two ounces (from one). Furthermore, it will enable sealing of the prior records for cannabis possession without district attorney consultation, but with necessary documents provided.