CO Code § 44-10-310 (2021)
2021 Colorado Code|Title 44 - Revenue - Regulation of Activities|Article 10 - Regulated Marijuana|Part 3 - Licensing Procedures|§ 44-10-310. Business Owner and Financial Interest Suitability Requirements

  This section applies to all persons required to submit a finding of suitability.    Any person intending to become a controlling beneficial owner of any medical marijuana business or retail marijuana business, except as otherwise provided in section 44-10-312 (4), shall first submit a request to the state licensing authority for a finding of suitability or an exemption from an otherwise required finding of suitability.    For reasonable cause, any other person that was disclosed or that should have been disclosed pursuant to section 44-10-309, including but not limited to a passive beneficial owner, shall submit a request for a finding of suitability.    Failure to provide all requested information in connection with a request for a finding of suitability is grounds for denial of that finding of suitability.    Failure to receive all required findings of suitability is grounds for denial of an application or for suspension, revocation, or other sanction against the license by the state licensing authority. For initial applications, the finding of suitability shall be required prior to submitting the application for licensure.    Any person required to obtain a finding of suitability shall do so on forms provided by the state licensing authority, and the forms must contain such information as the state licensing authority may require. Each suitability application must be verified by the oath or affirmation of the persons prescribed by the state licensing authority.    A person requesting a finding of suitability shall provide the state licensing authority with a deposit to cover the direct and indirect costs of any investigation necessary to determine any required finding of suitability unless otherwise established by rule. The state licensing authority may make further rules regarding the deposit and direct and indirect costs that must be billed against the deposit, unless otherwise established by rule.    When determining whether a person is suitable or unsuitable for licensure, the state licensing authority may consider the person's criminal character or record, licensing character or record, or financial character or record.    A person that would otherwise be required to obtain a finding of suitability may request an exemption from the state licensing authority as determined by rule.    Absent reasonable cause, the state licensing authority shall approve or deny a request for a finding of suitability within one hundred twenty days from the date of submission of the request for such finding.    The state licensing authority may deny, suspend, revoke, fine, or impose other sanctions against a person's license issued pursuant to this article 10 if the state licensing authority finds the person or the person's controlling beneficial owner, passive beneficial owner, or indirect financial interest holder to be unsuitable pursuant to this section.     History. Source: L. 2019: Entire article added with relocations, (SB 19-224), ch. 315, p. 2870, § 5, effective January 1, 2020.