Reuters
Today the legislature followed through on its side of that vote, passing the legislative and regulatory framework for cannabis production, distribution and sale, the Denver Post reports.
Gov. John Hickenlooper is expected to sign the regulations into law.
According to the Denver Post, the state of
All marijuana stores will have to be licensed by the state and be owned by residents of Colorado.
The Marijuana Policy Project, one of the key advocacy groups working at the state level to decriminalize and legalize marijuana, heaped praise on the legislature in a statement issued today.
"The adoption of these bills is a truly historic milestone and brings Colorado one step closer to establishing the world's first legal, regulated, and taxed marijuana market for adults," said Mason Tvert, director of communications for the Marijuana Policy Project.
The Colorado Department of Revenue — which is already experienced with the regulation of the marijuana business after years of successfully overseeing Colorado's medical marijuana dispensary system — has until July 1st to develop the specific regulations called for in the law, according to MPP.
In November, voters will have to approve the new taxes in accordance with Colorado's Taxpayer Bill of Rights. The taxes are supported by a three-to-one margin.