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Last year New York State enacted the Marijuana Regulation and Taxation Act (the “MRTA” or the “Cannabis Law”), permitting recreational adult-use of marijuana and authorizing the licensing of microbusinesses for the cultivation, processing, distributing, and retailing of cannabis.1 NYS Ch. 70-A, Article 1, Sec. 3 (34).

This legislation can generate tremendous economic opportunities.

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The legalization of adult-use cannabis is an enormous shift in public policy. The regulatory framework outlined in the MRTA is currently under development and will require input from communities and stakeholders throughout the state. The Office of Cannabis Management (the “OCM”) is still in the process of drafting regulations to implement the law and has not yet issued retail license applications to the open public. Nevertheless, the possession and use of cannabis for adults 21 years of age and older is now legal, in accordance with the MRTA.

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Quick Takes:
 

• Focused First On Opportunity For Minority And Disenfranchised Populations:  The intent of the Cannabis Law is to “generate significant new revenue for, and to make substantial investments in, communities and people most impacted by cannabis criminalization” and in “minority groups disproportionately impacted by enforcement of cannabis laws” (Article 4, Sec. 64(f)) such as Blacks, Hispanics (Mexican, Puerto Rican, Dominican, Cuban, Central or South American, Native Americans), women, and service-disabled veterans, all as defined by the statute. (Article 4, Sec. 87 paragraph 5(b) and (c)); thereby creating enormous economic opportunities in cultivating, processing, distributing, and retailing cannabis.
   

• Entity formation, operating agreements/shareholder agreements, EIN Leasing,  Cannabis Law compliance including current research and continuous updates are integral in this dynamic, fast changing new business opportunity.  At The Law Office Of Joseph Cinquemani, Esq., we make it a priority to stay abreast of the ever changing cannabis legal landscape.