With the enactment of the Marijuana Regulation and Taxation Act (MRTA), New York is poised to become one of the largest cannabis markets in the country; however, licenses required for adult-use cannabis activity are unlikely to be issued until early 2022. According to the New York government, Regulatory oversight of medical cannabis will be transferred to the new Office of Cannabis Management, and the Compassionate Care Act will be repealed and replaced by MRTA’s medical provisions six months after the new Cannabis Control Board is appointed. While existing medical cannabis and cannabinoid hemp companies may continue to do business under the state’s existing (pre-MRTA) rules, Registered Organizations should begin to plan for significant upcoming regulatory changes, and adult-use cannabis business will not be able to operate lawfully until they are licensed by OCM/CCB.

Sean Hocking, Cannabis Law Report, 06/16/2021 05:10:00

Open article: https://cannabislaw.report/new-york-legalizes-adult-use-cannabis-and-makes-significant-changes-to-medical-cannabis-regulation/