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Home 🌿 Marijuana Politics 🌿 MCB cancels vote to allow out of state funding for marijuana businesses 🌿MCB cancels vote to allow out of state funding for marijuana businesses
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As marijuana regulations begin to take shape, many entrepreneurs were hoping to see changes that would allow out of state investors to buy into their businesses. But a Tuesday meeting of the Marijuana Control Board stopped short of voting on the issue due to a procedural technicality.
Under the current proposed regulations, marijuana businesses are not allowed to receive any funding from out of state investors. A recent amendment proposed by MCB member Brandon Emmett would allow for a 12.5 percent outside investment.
The board was scheduled to vote on the amendment Tuesday. However, according to the Department of Law, there wasn't proper public notice to address the issue at the meeting and so no vote could be taken.
Marijuana entrepreneurs are saying that, without the outside funding, many businesses may struggle to get started when regulations are finalized and licenses issued.
"It's really going to limit the...
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