Countless business owners, entrepreneurs, and individuals in New York celebrated the state’s passage in late March of the Marijuana Regulation & Taxation Act (the MRTA), S.854-A/A.1248-A, both for the economic opportunities it presented and for the fact that it legalized the possession, sale, and growing of marijuana for recreational purposes for anyone 21 years of age and older. By the same token, numerous state officials rejoiced at the new source of tax revenue, in which local municipalities would share.

Recognizing, however, that there remains a not insignificant degree of opposition to the legalization of recreational cannabis, the MRTA offered local officials the opportunity to opt out of certain of its provisions or to regulate, in limited fashion, two of the licenses it created.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]