Second in a series on the New York State Cannabis/Marijuana Regulation & Taxation Act
The New York State Marijuana Regulation and Taxation Act (MRTA), signed into law on March 31, legalized recreational use of marijuana for adults over the age of 21 in New York State and greatly expanded New York’s medical program. The Office of Cannabis Management (OCM) created by the MRTA will oversee the industry and is expected to provide additional implementing regulations soon, although sales of marijuana pursuant to the new licenses are not anticipated to begin until sometime in 2022 at the earliest.
Although New York’s various new license classes have their idiosyncrasies, they all start with choosing the right real estate for the license type. While many details relating to land use and zoning policies remain to be seen, the MRTA has provided key provisions regarding where future facilities may be located that both the cannabis and real estate industries should consider when assessing the incredible opportunities afforded by the law.