First in a series on the New York State Cannabis/Marijuana Regulation & Taxation Act
New York state recently passed long-awaited adult-use cannabis legislation, taking the lead on other key jurisdictions with medical use-only systems, such as Florida and Pennsylvania. While the bill awaits implementation, now is the time for entities interested in entering the market to gear up for the application process. While new businesses aren’t expected to open for at least a year, the regulations will be published and license process initiated much sooner. Over the next few weeks, Fox Rothschild’s national Cannabis Law team, led by our New York group, will provide in-depth insight into various aspects of the new law, covering a full range of issues, including social equity, real estate and labor provisions.
Licenses, the defining asset on which market entrants – from established Multi-State Operators (MSOs) to yet-to-be-formed Single State Operators (SSOs) – are focused, are the natural starting point. While New York could have allowed a free-for-all in which the world’s largest cannabis MSOs and ancillary global businesses absorbed all of the opportunity, Albany has taken a different approach. State officials have clearly indicated, through the published bill and related commentary, a multifaceted intent to leverage the
Bud Digest[otw_is sidebar=otw-sidebar-8]