On March 31, 2021, the Marijuana Regulation and Taxation Act (MRTA) ushered in a new era in New York, legalizing adult use of cannabis and providing a framework for what has been projected to be a multi-billion dollar industry in the state by 2027. Passage of the bill, however, is only the first step. Adult-use cannabis will be a highly regulated industry. As such, substantial steps still need to be taken before growers can cultivate cannabis crops, distributors will have products to ship and retailers can legally sell cannabis to consumers. The first steps will proceed this summer.
A five-member Cannabis Control Board (CCB), to be appointed by the Governor, the State Senate and the State Assembly, is in the process of being formed and will then promulgate and pass regulations. After that, the CCB will begin accepting, reviewing and issuing a range of licenses for, inter alia, cannabis cultivators, processors, distributors, dispensaries and consumption lounges. After that, the cannabis business will be off and running. And if the track record in other states serves as a guide, so too will cannabis litigation and arbitration.
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