The State of Cannabis in New York
On March 31, 2021, the Marijuana Regulation and Taxation Act (MRTA) legalized recreational cannabis use in New York State for adults 21 years and older. The industry is expected to generate thousands of jobs and hundreds of millions of dollars in revenue for State and local municipalities. The Cannabis Control Board (CCB) is set, but guidance has been limited and the State still needs to issue regulations, which are expected later this year. Meanwhile, several preregulation developments are worth noting, such as opt-outs, timing and preparations.