Currently, 23 states and the District of Columbia allow medical marijuana, according to the National Conference of State Legislatures. The cannabis industry is growing at a very fast rate. In fact, one research company found that the United States marijuana market grew 74% in 2014, and in 2015 the market was expected to increase another 32%. Over the next five years, the total earnings for legal cannabis are expected to exceed both the film and organic food industries, and more than triple NFL revenues.
As a result, many people are wondering how to invest in the cannabis industry, which is only going to get bigger and bigger as laws continue to change.
If you are a budding entrepreneur interested in getting involved in the booming marijuana movement, read on to learn how you can get a marijuana business license in the state of Colorado.
How to Start a Medical Marijuana Business
When you are starting a medical marijuana business in Colorado, you must first apply for a license. In order to qualify, there are certain requirements you must meet:
- Must be a Colorado resident for at least two years prior to application
- Must be 21 years of age or older
- Cannot have any controlled substance felony convictions
- If you do have any other felony convictions, they must have been fully discharged 5 years prior to application
- Must be of good moral character according to criminal history
- Cannot employ or be financed by a person whose criminal records indicate poor moral character
- May not be a licensed physician or an employee of a local or state licensing authority
Steps for Licensing a Marijuana Business
- Complete the Medical Marijuana Business License Application Form and gather supporting documentation
- Complete the Associated Key Person Application Form
- Complete the Appendix A (Optional Premises Cultivation Application) Form
- Contact the Marijuana Enforcement Division (MED) and request an appointment at the headquarter office in Denver
- At the appointment, turn in all forms and documentation and pay the licensing fee
- You will be fingerprinted
As research continues to demonstrate the medical benefits of cannabis, and doctors continue to support the legalization of the herbal remedy, things are going to keep on changing. There is no doubt that we will see a major shift in the medical and legal uses of marijuana in our lifetime. For more, read this link. Learn more at this link.