In 2022, Colorado passed Proposition 122 to legalize psychedelics, specifically psilocybin for therapeutic uses in mental healthcare. Through creating the most comprehensive psychedelics measure ever introduced on a statewide ballot, many are anxiously awaiting to enter Colorado’s soon-to-be-booming psychedelic market as it is only the 2nd state to introduce a regulatory licensing framework.
With the enactment of SB23-290, the Colorado Department of Revenue was entrusted with the responsibility to regulate and license various aspects of the natural medicine operations in Colorado. On February 15th, the Colorado Department of Revenue’s Natural Medicine Division (“Division”) announced its Rulemaking Work Group’s schedule to build an effective and inclusive natural medicine regulatory framework. The schedule is as follows:
| Meeting Focus Topic(s) | Date / Time / Meeting Format |
|
Meeting #1 Licensing & Application Requirements & Procedures
|
March 20, 2024
9:00 a.m. – 12:00 p.m. Hybrid In-Person & Virtual |
| Meeting #2
General Requirements |
9:00 a.m. – 12:00 p.m. Virtual Only
|
| Meeting #3
Healing Center Requirements
|
May 1, 2024 9:00 a.m. – 12:00 p.m. Hybrid In-Person & Virtual
|
|
Meeting #4 Advertising, Packaging & Labeling, Recordkeeping Requirements
|
May 22, 2024
1:00 p.m. – 4:00 p.m. Hybrid In-Person & Virtual |
| Meeting #5
Cultivation & Manufacturing Requirements
|
June 12, 2024 9:00 a.m. – 5:00 p.m. Virtual Only
|
|
Meeting #6 Testing Requirements & Testing Facilities
|
June 25, 2024
9:00 a.m. – 5:00 p.m. Virtual Only
|
| Meeting #7
Fees, Enforcement, Discipline
|
July 1, 2024 1:00 p.m. – 4:00 p.m. Hybrid In-Person & Virtual
|
| Meeting #8
“Catch-All”
|
July 9, 2024 9:00 a.m. – 5:00 p.m. Virtual Only
|
At least five (5) days before each respective meeting, the Division will publish the detailed agenda, initial draft rules, and any other material for each work group on their official website.
How Can We Help You?
To enter the legal psychedelic market, there are various regulatory requirements that are demanded by the state. Due to the relative similarity of the psychedelic licensing market and cannabis business licensing industry, our Team has an in-depth understanding of how to successfully meet all such requirements to ensure your team creates a strong, trusting relationship with the state’s regulatory body. Depending on your team’s needs, we offer an array of services to best meet your current and future goals. From building a team, including local partners and organizations, to introducing you to our network of lobbyists and expert industry professionals, we will make sure you have a strong group to enter such competitive markets. Further, we provide proven Standard Operating Procedures and personalized narratives to ensure we represent your team as an efficient, turnkey group who is eager and ready to enter the industry. Our Team will collaboratively develop innovative strategies to help differentiate your team from the rest through tactical funding, community outreach initiatives, and identifying ideal facilities.
Due to the novelty of the psychedelic market, we understand that having an expert Team of Psychedelic Business License Consultants behind you to overcome the complex regulatory obstacles is essential to ensuring your success. If you are interested in discussing your options, contact our Team today via our website or through email.