diff --git a/pkg/cnab/extensions/solver.go b/pkg/cnab/extensions/solver.go
index 453bde1f0..637f88301 100644
--- a/pkg/cnab/extensions/solver.go
+++ b/pkg/cnab/extensions/solver.go
@@ -1,12 +1,11 @@
 package extensions
 
 import (
-	"fmt"
 	"sort"
-	"strings"
 
 	"github.com/Masterminds/semver"
 	"github.com/cnabio/cnab-go/bundle"
+	"github.com/docker/distribution/reference"
 	"github.com/google/go-containerregistry/pkg/crane"
 	"github.com/pkg/errors"
 )
@@ -30,14 +29,14 @@ func (s *DependencySolver) ResolveDependencies(bun *bundle.Bundle) ([]Dependency
 
 	q := make([]DependencyLock, 0, len(deps.Requires))
 	for alias, dep := range deps.Requires {
-		bundle := strings.Split(dep.Bundle, ":")[0]
-		version, err := s.ResolveVersion(alias, dep)
+		ref, err := s.ResolveVersion(alias, dep)
 		if err != nil {
 			return nil, err
 		}
+
 		lock := DependencyLock{
 			Alias: alias,
-			Tag:   fmt.Sprintf("%s:%s", bundle, version),
+			Tag:   reference.FamiliarString(ref),
 		}
 		q = append(q, lock)
 	}
@@ -45,18 +44,29 @@ func (s *DependencySolver) ResolveDependencies(bun *bundle.Bundle) ([]Dependency
 	return q, nil
 }
 
-func (s *DependencySolver) ResolveVersion(alias string, dep Dependency) (string, error) {
+// ResolveVersion returns the bundle name, its version and any error.
+func (s *DependencySolver) ResolveVersion(alias string, dep Dependency) (reference.NamedTagged, error) {
+	ref, err := reference.ParseNormalizedNamed(dep.Bundle)
+	if err != nil {
+		return nil, errors.Wrapf(err, "error parsing dependency (%s) bundle %q as OCI reference", alias, dep.Bundle)
+	}
+
 	// Here is where we could split out this logic into multiple strategy funcs / structs if necessary
 	if dep.Version == nil || len(dep.Version.Ranges) == 0 {
-		parts := strings.Split(dep.Bundle, ":")
-		if len(parts) > 1 {
-			return strings.Join(parts[1:], ""), nil
-		} else {
-			return s.determineDefaultTag(dep)
+		// Check if they specified an explicit tag in referenced bundle already
+		if taggedRef, ok := ref.(reference.NamedTagged); ok {
+			return taggedRef, nil
 		}
+
+		tag, err := s.determineDefaultTag(dep)
+		if err != nil {
+			return nil, err
+		}
+
+		return reference.WithTag(ref, tag)
 	}
 
-	return "", errors.Errorf("not implemented: dependency version range specified for %s", alias)
+	return nil, errors.Errorf("not implemented: dependency version range specified for %s", alias)
 }
 
 func (s *DependencySolver) determineDefaultTag(dep Dependency) (string, error) {
diff --git a/pkg/cnab/extensions/solver_test.go b/pkg/cnab/extensions/solver_test.go
index 3d13ab0ad..64f614ecc 100644
--- a/pkg/cnab/extensions/solver_test.go
+++ b/pkg/cnab/extensions/solver_test.go
@@ -18,6 +18,9 @@ func TestDependencySolver_ResolveDependencies(t *testing.T) {
 					"mysql": {
 						Bundle: "getporter/mysql:5.7",
 					},
+					"nginx": {
+						Bundle: "localhost:5000/nginx:1.19",
+					},
 				},
 			},
 		},
@@ -27,11 +30,15 @@ func TestDependencySolver_ResolveDependencies(t *testing.T) {
 	locks, err := s.ResolveDependencies(bun)
 	require.NoError(t, err)
 
-	require.Len(t, locks, 1)
+	require.Len(t, locks, 2)
+
+	mysql := locks[0]
+	assert.Equal(t, "mysql", mysql.Alias)
+	assert.Equal(t, "getporter/mysql:5.7", mysql.Tag)
 
-	lock := locks[0]
-	assert.Equal(t, "mysql", lock.Alias)
-	assert.Equal(t, "getporter/mysql:5.7", lock.Tag)
+	nginx := locks[1]
+	assert.Equal(t, "nginx", nginx.Alias)
+	assert.Equal(t, "localhost:5000/nginx:1.19", nginx.Tag)
 }
 
 func TestDependencySolver_ResolveVersion(t *testing.T) {
@@ -42,10 +49,10 @@ func TestDependencySolver_ResolveVersion(t *testing.T) {
 		wantError   string
 	}{
 		{name: "pinned version",
-			dep:         Dependency{"mysql:5.7", nil},
+			dep:         Dependency{Bundle: "mysql:5.7"},
 			wantVersion: "5.7"},
 		{name: "unimplemented range",
-			dep:       Dependency{"mysql", &DependencyVersion{Ranges: []string{"1 - 1.5"}}},
+			dep:       Dependency{Bundle: "mysql", Version: &DependencyVersion{Ranges: []string{"1 - 1.5"}}},
 			wantError: "not implemented"},
 		{name: "default tag to latest",
 			dep:         Dependency{Bundle: "getporterci/porter-test-only-latest"},
@@ -54,10 +61,10 @@ func TestDependencySolver_ResolveVersion(t *testing.T) {
 			dep:       Dependency{Bundle: "getporterci/porter-test-no-default-tag"},
 			wantError: "no tag was specified"},
 		{name: "default tag to highest semver",
-			dep:         Dependency{"getporterci/porter-test-with-versions", &DependencyVersion{Ranges: nil, AllowPrereleases: true}},
+			dep:         Dependency{Bundle: "getporterci/porter-test-with-versions", Version: &DependencyVersion{Ranges: nil, AllowPrereleases: true}},
 			wantVersion: "v1.3-beta1"},
 		{name: "default tag to highest semver, explicitly excluding prereleases",
-			dep:         Dependency{"getporterci/porter-test-with-versions", &DependencyVersion{Ranges: nil, AllowPrereleases: false}},
+			dep:         Dependency{Bundle: "getporterci/porter-test-with-versions", Version: &DependencyVersion{Ranges: nil, AllowPrereleases: false}},
 			wantVersion: "v1.2"},
 		{name: "default tag to highest semver, excluding prereleases by default",
 			dep:         Dependency{Bundle: "getporterci/porter-test-with-versions"},
@@ -75,7 +82,7 @@ func TestDependencySolver_ResolveVersion(t *testing.T) {
 			} else {
 				require.NoError(t, err, "ResolveVersion should not have returned an error")
 
-				assert.Equal(t, tc.wantVersion, version, "incorrect version resolved")
+				assert.Equal(t, tc.wantVersion, version.Tag(), "incorrect version resolved")
 			}
 		})
 	}