SB 18-021

Senate Bill 18-021 in Colorado aims to create a pilot program for a closed-loop payment system within the marijuana industry. This means that businesses involved with selling or processing marijuana would use this special payment system, which also allows medical patients and retail customers to participate. The bill requires the state licensing authority to work on rules for this system and report back to lawmakers about how it works. Since the status is "signed," the program has been approved by the government and is now in effect or being implemented.

Official Summary

The bill creates a closed-loop payment processing system pilot project (pilot project) in the marijuana state licensing authority. The state licensing authority, in consultation with the state treasurer, the department of public health and environment, and the department of regulatory agencies, shall promulgate rules to establish the pilot project. The pilot project shall include marijuana-related businesses and affiliated businesses and must create a mechanism for medical marijuana patients and retail marijuana customers to enroll in the pilot project. The state licensing authority shall submit a report to the general assembly regarding the pilot project. The bill makes the closed-loop payment processing system subject to the unclaimed property act.(Note: This summary applies to this bill as introduced.) , Read More