My first thought when this passed was that Colorado's economy would benefit greatly if we could farm Hemp, but does Amendment 64 cover that?

Not according to Colorado Deputy Commissioner of Agriculture Ron Carleton. He has issued a statement regarding industrial hemp and cultivating.

He says that their office has received numerous calls from people like me who think we should cultivate industrial hemp, which can be used for many things. He says,

Amendment 64 did not authorize the immediate cultivation of hemp. It instead directed the General Assembly to enact legislation governing the cultivation, processing and sale of industrial hemp. This they have now done, once SB13-241 becomes law, we will begin the rulemaking process, working in consultation with the advisory committee. While we will work diligently to complete this process as quickly as possible, it is unlikely that we will have rules setting up a registration and inspection system in place until early 2014.

So in layman's terms the answer is NO you can't grow hemp. SB13-241 says that cultivation, for either commercial or research and development purposes, is not authorized unless the prospective grower first registers with the Department and that wont be possible until early 2014.