On July 1, 2014, interested marijuana shop owners will be invited to apply for the retail license, without having been licensed previously as a medical provider. However, many prospects are unaware of the current laws and information in regards to the retail aspect of marijuana.
Here are a few things you should know about the marijuana retail industry.
- Retail marijuana will have a 25% state tax--plus the usual state sales tax of 2.9%--easily making recreational pot one of the largest taxed consumer products in Colorado. (This could potentially lead to $67 million a year!)
- It is illegal to possess or use marijuana under the age of 21. Fines and even jail time may be enforced.
- You must be 21 years or older with a valid Colorado ID to purchase up to an ounce at a licensed store. Non-Colorado residents can buy a quarter ounce.
- About 160 retailers are still seeking licenses statewide--only three dozen or so stores opened on January 1.
- It is illegal to smoke pot in public, even inside marijuana shops.
- Communities and counties still hold the right to restrict marijuana stores in their local jurisdiction and towns.
- Independent retailers are allowed to grow their own plants (up to 6 in their home), but the batch must be enclosed and locked.
Do you need a medical/retail marijuana bond? We offer $5000 bonds, which is required in the state of Colorado. Let us help you write your bond with the best prices and quickest turnaround time!
Call 503-253-7330 for assistance with one of our friendly customer service representatives or visit our website at www.ashtonagency.com for your bond at the best rates!
