With the legalization of cannabis products on March 31, 2021 under the Marijuana Regulation and Taxation Act (MRTA), New York is expected to be one of the nation’s largest regulated marijuana markets, with a projected $4.2 billion in sales within five years. While the law went into immediate effect, the associated regulations and licensing have been slow to emerge, leaving New Yorkers, especially commercial and residential landlords, in a cloud of confusion and uncertainty surrounding the use of their properties.
Landlords must sift through the haze when renting while the law on marijuana use, cultivation, and distribution is still emerging.
What the Law Allows
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