Colorado has both medical and adult-use marijuana programs. Voters initially passed a medical marijuana patient/caregiver initiative in 2000. Colorado then became the first state in the country to pass for-profit cannabis business legislation through the statehouse in 2010. Voters subsequently passed adult-use marijuana legalization in 2012, and the first adult-use marijuana businesses opened on January 1, 2014. The successful and competitive nature of Colorado's medical marijuana market, and eventual adult-use marketplace, can be traced back to the relatively expansive set of qualifying medical conditions and an open application process without a limit on the number of statewide business licenses. Local jurisdictions may limit or prohibit medical and adult-use marijuana businesses within their jurisdiction.

Vertical integration between cultivation and dispensing is required for medical marijuana but not for adult-use marijuana businesses. Colorado has a non-competitive rolling application process at the state- level with no limit on the number of statewide licenses, although local governments may limit or ban adult-use or medical marijuana businesses. In 2015, Colorado's licensed marijuana businesses are estimated to have sold just under $1 billion in medical and adult-use marijuana and marijuana products. During the summer of 2016, Colorado changed its ownership and investment requirements to permit individuals without Colorado residency to hold an equity stake in a marijuana businesses starting in 2017.

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