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 survive.”
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 owners.
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.