The Marijuana Enforcement Division's budget, dependent on business licensing fees and occasional legislative funding, has dropped drastically in recent years.
and more businesses shut down or leave the state, however, the MED is running out of money.
The DOR, which oversees the MED as well as a handful of other industries in Colorado, requested about $2.4 million in extra funding from lawmakers in 2022 and 2023 but was rejected both times, according to Ferrandino. The use of an insolvency fund loan of just over $3 million was approved for the MED, he says, but the department — and, ultimately, business owners — would have to pay that back.
The cost-cutting measures aren't enough to get the MED back above water, however, so Ferrandino says it's time for licensing fees,Colorado initially created commercial marijuana licenses in 2010 for medical marijuana businesses. The first and so far only raise in fee costs came in 2012, when the MED created recreational marijuana licenses in light of statewide legalization.
Not everyone was buying the argument, though. Vicente LLP marijuana attorney Jordan Wellington pointed out that Colorado has among the most state-issued marijuana business licenses in the country, and added that he believes the real question is:"What is the business opportunity that each license has to generate?"
"The marijuana industry is crumbling, so this is probably the worst time to think of a raise in rates. In our opinion, you guys missed the boat. Maybe these rates should've been looked at in 2021," Elliot told MED officials.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nonprofit launches to restore ICE immigration enforcement, counter left-wing ‘Abolish’ movementA new nonprofit, called NICE, is calling for greater interior enforcement and the end of sanctuary cities, while pushing back against the Abolish ICE movement.
Read more »
LIVE: 19 law enforcement officers from across the country honored by U.S. Attorney GeneralHAPPENING NOW: AG Merrick Garland bestows Attorney General’s Award for Distinguished Service in Community Policing to 19 law enforcement officers and deputies for efforts in criminal investigations, field operations, and innovations in community policing.
Read more »
More than 200 pounds of suspected cocaine found in vehicle, law enforcement saysThe Mobile County Sheriff’s Office, with the assistance of the U.S. Border Patrol, arrested two women suspected of cocaine trafficking.
Read more »
U.S., Japanese, Philippine coast guard ships stage law enforcement drills near South China SeaU.S., Japanese and Philippine coast guard ships staged law enforcement drills in waters near the disputed South China Sea on Tuesday as Washington presses efforts to reinforce alliances in Asia amid an increasingly tense rivalry with China.
Read more »
Raskin says holding FBI director in contempt part of GOP's 'war on law enforcement'House Oversight Committee ranking member RepRaskin said he would try to peel off as many Republicans as possible to join Democrats on the committee in opposing contempt charges against the FBI director Christopher Wray.
Read more »