Marijuana Closed-loop Payment System Pilot Project

The bill creates a closed-loop payment processing system pilot project (pilot project) in the marijuana state licensing authority. The state licensing authority, in consultation with the state treasurer, the department of public health and environment, and the department of regulatory agencies, shall promulgate rules to establish the pilot project. The pilot project shall include marijuana-related businesses and affiliated businesses and must create a mechanism for medical marijuana patients and retail marijuana customers to enroll in the pilot project. The state licensing authority shall submit a report to the general assembly regarding the pilot project. The bill makes the closed-loop payment processing system subject to the unclaimed property act.(Note: This summary applies to this bill as introduced.) , Read More