Fresh businesses are opening in Denver, Colorado, with the start of the new year. The infant enterprises are retail stores for legally selling marijuana for recreational purposes to anyone over the age of 21. Colorado citizens voted in 2012 to legalize the recreational use of marijuana and, after more than a year of waiting for regulations to be adopted and put into place, the burgeoning industry is ready to take a step forward.
The shops that have been issued the licenses so far are already set up to sell retail marijuana for medicinal purposes. Because those purchasing for medical reasons do not have to meet the age requirement, sometimes stores had to be modified to keep those buying for medical reasons away from the product available for recreational purposes. This sometimes meant building a wall down the middle of the store.
Stores are required to have both a state and a local license to sell the newly legal products. With all the unfamiliar laws and requirements surrounding the new industry, it is believed that the state’s recreational marijuana business will not be in full swing until later in the spring of 2014.
Whenever a new business is started and before it can initiate business transactions, regardless of its product or service, it is important that the company be set up legally with paperwork filled out and filed accurately and timely. A business and commercial law attorney may be able to assist the owners to assure that the proper structure is achieved, that all the appropriate licenses are obtained, and that the necessary tax filings are made.
Source: The Denver Post, “Denver issues finalized licenses to recreational marijuana stores“, John Inglod, December 27, 2013