In all of the excitement over New York’s passage of the Marijuana Regulation and Taxation Act (MRTA), one of the things that often gets lost is that legalization was just the first step towards the issuance of adult-use cannabis licenses. The single most important administrative action item is the formation of the primary regulatory governing body, the Cannabis Control Board (CCB). The CCB will be responsible for many of the prerequisites to adult-use licenses being issued. Chief among its responsibilities is the creation of the actual application process for both adult-use cannabis licenses and new registered organizations (ROs) and the industry’s rules and regulations, all of which will be issued within the framework of the MRTA. The CCB will consist of five board members: three appointed by the Governor and two appointed by the Senate and Assembly (one each). The CCB’s chairperson will be nominated by the Governor with the advice and consent of the Senate. CCB members will be appointed for a term of three years and must be citizens and residents of New York. It is difficult to overstate the importance of the CCB’s chairperson. The chairperson will have an outsized influence on the direction of New York’s cannabis industry.
Cannabis Business Executive – Cannabis and Marijuana industry news, 06/24/2021 09:41:00