Although cannabis is still classified as a controlled substance at the federal level, New York State recently enacted the Marijuana Revenue and Taxation Act (MRTA), a law legalizing adult-use cannabis within the state. Questions abound, however. When will all five members of the Cannabis Control Board be appointed? When will the Board, once appointed, establish regulations including with regards to the licensing and application process—and what kinds of licenses will be available? Practically speaking, will landlords be willing to take on the risk of leasing space to cannabis cultivators, processors or dispensaries—and, if so, what are some of the issues that will arise in negotiating leases to cannabis operators? What constraints does the MRTA place on the location of these businesses?
