While many prospective New York cannabis entrepreneurs are awaiting the new adult-use regulations to decide whether to participate in this burgeoning industry, they should understand that the Marijuana Regulation & Taxation Act (MRTA) enacted March 31, 2021, already prescribes the general contours of this forthcoming market and how its revenue will be apportioned among the 11 categories of license holders.
And with the five-member Cannabis Control Board (CCB) now appointed, further specificity is expected soon.
The forthcoming regulations from the Office of Cannabis Management (OCM) will follow the release of the MRTA language earlier this year. The MRTA is analogous, and more detailed in certain areas, to other sister-states’ recreational cannabis regulations. While residents of other states may complain of “over-regulation,” New Yorkers may be complaining about “over-legislation,” as New York’s cannabis law already addresses matters both big (no import or export of cannabis, and prioritizing state business in the event of federal legalization) and small (yes, the law allows customers to use credit cards at retail dispensaries and, no, they cannot purchase cannabis at an establishment that sells beer).
Basically, the foundation of the adult-use cannabis industry has already been laid, and CCB and OCM will mostly fill in the