It is illegal to:

#9) Use dogs or bait to hunt bears, deer, elk, pronghorn antelope, or moose. Bait means to put , expose, deposit, distribute, or scatter salt, minerals, grain, animal parts, or other food so as to constitute a lure, attraction, or enticement for big game on or over any area where hunters are attempting to take big game. Scent sticks that smell like food are illegal for bears

Reading the last line I would say no. There are plenty of bears in Colorado for you to hunt with out baiting them.