Since the Marijuana, Regulation and Taxation Act was signed into law almost two years ago, New York has grappled with how to implement a regulated market that is competitive, fair and promotes equity. No easy feat, particularly because cannabis remains a Schedule I controlled substance on the federal level.

The federal prohibition continues to constrain every facet of the cannabis market. From capital investments to traditional banking services, market participants face steep practical challenges entering the market. In light of this, the New York Cannabis Control Board (CCB) and Office of Cannabis Management (OCM)—the state’s cannabis regulatory bodies—have sought to prioritize those who have been disproportionately affected by the war on drugs as the first entrants into the regulated market.