Passage of SB16-40 allows out-of-state cannabis investments to begin
DENVER–(BUSINESS WIRE)–LivWell Enlightened Health, Colorado’s leading cannabis retailer, was
one of the leaders in an industry coalition composed of private
businesses and major industry groups that lobbied and secured the
passage of a bill that will allow out-of-state investors to have
ownership interests in Colorado cannabis businesses.
The new law removes the two-year residency requirement previously
mandated for equity holders. Investors will still be required to meet
other current ownership criteria, including criminal and financial
background checks. Passive owners of less than 5 percent will be
subjected to less extensive and more cost-effective screening.
“This levels the industry playing field a bit,” said Dean Heizer, Chief
Legal Strategist of LivWell Enlightened Health. “It puts us closer to
competitive par with the many other states that don’t have residency
requirements by freeing up capital for compliance investment, industry
growth and by making it easier for small operators to access capital to
While the law allows vetted out-of-state investments, it ensures that
operational control will remain with Colorado residents. The law also
provides that qualified institutional investors like banks, insurance
companies, registered investment companies and others may own up to 30
percent of a Colorado cannabis business. To keep growth reasonable and
prevent undue burden on the Colorado Marijuana Enforcement Division
(MED), the law limits businesses with out-of-state investors to 15
LivWell Enlightened Health is among Colorado’s largest cannabis
companies, with fourteen locations across the state. LivWell provides
its patients and customers with the best value, quality and variety of
cannabis products including flower, topicals, tinctures, edibles,
smoking accessories and more. LivWell’s team of innovative farmers and
scientists grow more than 40 strains of cannabis to meet the varied and
evolving tastes of its customers. LivWell’s searchable strain library
can be found at http://www.livwell.com/product-category/strains/.
LivWell employees undergo rigorous training and education through
LivWell University, preparing them to be the most knowledgeable, helpful
budtenders in the industry, and to become advocates of responsible use.
LivWell employs approximately 500 Coloradans who enjoy
higher-than-average salaries and benefits. For more information,
including a list of LivWell’s locations, visit http://www.livwell.com.
Metzger Albee Public Relations for LivWell