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Home 🌿 Marijuana Business News 🌿 Denver pot shops not required to post bonds for taxes under new rules 🌿Denver pot shops not required to post bonds for taxes under new rules
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The subscription service is currently unavailable. Please try again later.Denver marijuana retailers no longer have to post bonds guaranteeing they’ll pay their taxes, a regulation that some in the industry say had become a fatal hindrance.
Denver City Council this week voted unanimously to scrub the surety bond requirement from the city’s marijuana code.
Pot shops, both medical and recreational, were among a handful of businesses, including pawn brokers and parking lot operators, that had to obtain a surety bond to operate in the city.
The bonds are intended to help ensure that the city can collect sales and use tax revenue from businesses that may not have a storefront or a lot of fixed assets. Typically, if a business defaults on its tax bills, the city can seize and sell its assets to cover the missed payments.
“We’re not going to seize a bunch of marijuana,” said Dan Rowland, a spokesman for the city’s Office of Marijuana Policy....
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