A cannabis vending company could soon be the face of the Colorado cannabis market, thanks to a recent ruling from the state’s Liquor and Cannabis Board.
Under the new regulations, a company with a gross revenue of $1 million or more would be allowed to open a cannabis dispensing machine.
The new rules, approved Monday by the board, come as the state prepares to begin accepting recreational marijuana use by adults in January.
The board approved a plan to allow marijuana vending machines at the state capitol in Denver, which will also become the first recreational marijuana retail market in the country.
It also approved a proposal for a retail dispensary in Boulder.
The Colorado Supreme Court in March threw out a ban on cannabis vending machines in Colorado, and marijuana businesses can apply to open their own dispensing facilities in the state.
The move comes at a time when Colorado is in a transition phase after voters approved Amendment 64, which legalized marijuana in 2012.
The amendment also allows adults to possess up to one ounce of marijuana.
In addition to the new retail pot stores, the state is also working on new regulations that will require more stringent training for business owners and more transparency.
The Colorado Dispensary Association, a trade group for licensed marijuana businesses, said the new rules are “a critical step toward making Colorado a destination for recreational marijuana sales.”
It’s a welcome development that has already helped grow the number of retail cannabis dispensaries in the Denver metro area, said David Riske, the group’s president.
However, the association cautioned that the board’s decision does not affect the future of the business, which has to be licensed and licensed again.
It remains to be seen how many licensed cannabis dispensers will open in Colorado.
Riske said he’s optimistic about the company’s prospects in the coming months.
“We’re going to be here for the next four years, and the industry is going to keep growing,” he said.