Except Colorado isn't the one with a problem.
To the degree this lawsuit has any validity, it still fails since individual States don't have standing to sue concerning non-compliance with Federal laws. Only the Federal government would have standing, and even then they'd have an extremely high hurdle to jump, and I don't think they've got the leg strength. Federal drug laws were largely written in an era in which the States were expected to do as they were told, and it was expected the States would be in agreement with anti-drug laws. I doubt that the sorts of carrots typically used to get State compliance with Federal mandates exist, and even if they do, at most Colorado would have to forgo receiving the carrots.