The questions deal with three controversial issues: marijuana, abortion, and campaign finance laws.
State lawmakers have also put a referendum on the ballot to reform the state personnel system.
Below we profile the three initiative questions and examine their prospects of actually becoming law with 9NEWS Political Analyst Floyd Ciruli.
MARIJUANA
Status: Will appear on 2012 ballot
Ciruli's take: Could pass
A yes vote on this ballot question legalizes recreational marijuana use, taxes marijuana, and regulates the drug in a manner similar to alcohol.
Employers would be able to continue enforcing drug-free workplace policies and conducting drug tests.
The ballot question would put Colorado state law in conflict with federal law on the issue.
Though a similar measure was defeated in 2006, but Ciruli says it has a better than even chance of becoming law.
"A poll indicates it's very popular, over 50 percent support," Ciruli said. "And they have a lot of campaign money."
PERSONHOOD
Status: Awaiting validation of signatures
Ciruli's take: Long shot
This question stems from the debate over abortion.
A yes vote would define life as beginning before birth and effectively ban abortions, including in cases of rape and incest.
The language of this initiative does make an exception for "life saving" medical procedures, allowing abortions when needed to save the mother's life.
"This is definitely a long shot," Ciruli said. "It's been defeated twice getting only 30 percent of the vote."
While pro-life organizers continue to put the issue up for votes, Ciruli says the idea enjoys little support from political leaders and the math has not changed much since the last attempt to pass a personhood amendment.
CAMPAIGN FINANCE
Status: Awaiting validation of signatures
Ciruli's take: Good chance
This question is a direct response to the US Supreme Court's controversial Citizens United ruling, opening the door to massive spending on political campaigns.
A yes vote on the question has no binding effect, but urges state and federal lawmakers to support efforts to pass a constitutional amendment specifically allowing restrictions on campaign spending and contributions.
"The public is certainly concerned about campaign finance, they like to limit it," Ciruli said. "And this is only advisory, so it's an easy vote."