Colorado Legalizes Online Cannabis Sales to Reduce Cash Transactions
Colorado Governor Jared Polis signs a bill legalizing online cannabis sales, aiming to reduce cash transactions and enhance industry safety
Key Points
- 1Colorado legalizes online cannabis sales after over a decade of legalization
- 2Adults can purchase cannabis online but must pick up in person
- 3Retailers must verify age and provide digital educational materials
- 4The law aims to reduce cash transactions and improve safety
- 5State legislators support the SAFE Banking Act for industry stability
In a significant development for the cannabis industry, Colorado Governor Jared Polis has signed a bill that legalizes the online sale of cannabis in the state. This landmark legislation comes more than a decade after Colorado first legalized cannabis for recreational use. The new law removes previous restrictions on internet sales while introducing regulations to facilitate this new mode of commerce
Under the new law, adults aged 21 and over can now browse and purchase cannabis products online, although they must still collect their purchases in person at licensed retail locations. Retailers are required to verify the customer's name and age during the online transaction, ensuring it matches the identification presented at pickup. This measure aims to streamline the purchase process while maintaining stringent age verification standards
The legislation mandates that cannabis retailers provide digital copies of all warning and educational materials required by law. Customers must acknowledge receipt of these documents before completing their online purchase. This provision is designed to ensure that consumers are fully informed about the products they are buying, thus enhancing consumer safety and awareness
Republican Senator Kevin Van Winkle has expressed that the primary goal of this bill is to reduce the amount of cash in the cannabis industry, which he argues contributes to security risks such as theft. "When there's a lot of cash in an industry, it can lead to alarming outcomes, including theft," Van Winkle stated during a recent legislative session. The hope is that online transactions will mitigate these risks by decreasing cash dependency
The move to legalize online sales in Colorado is also seen as a step towards addressing broader financial and public safety issues within the cannabis sector. State lawmakers are advocating for the federal government to pass the Secure and Fair Enforcement (SAFE) Banking Act, which would provide much-needed financial services to the cannabis industry. Such measures are anticipated to further stabilize and legitimize the market, fostering growth and security