The recreational use of marijuana is now legal for adults in New York City under the state’s Marijuana Regulation and Taxation Act (MRTA). The state is encouraging small business owners in the five boroughs to get on board with the money to be made in this emerging industry. While the potential profit for cannabis business owners is great, there are many hurdles to becoming successful. Municipal regulations and administrative policies – some of which are still under construction – mean that working with an experienced attorney is vital to the lifecycle of your cannabis enterprise.
Defining Social Equity, Public Health And Safety
Economic development through the recreational and medical marijuana industry in New York is a work in progress. The state is proposing to hold social equity and public health and safety at the helm of its new policies relating to cannabis businesses. It is still defining just what that means. While cannabis will technically be part of the city’s hospitality industry for those over 21, the Office of Cannabis Management (OCM) will issue licenses for growing and selling cannabis in the state. There will be strict standards for lab testing, packaging and labeling products.
If you are interested in exploring your legal options for investing in a cannabis operation or becoming a cultivator, distributor or processor of cannabis in New York, speak with business and commercial law attorney Steven Simicich. He has many years of experience in New York’s complex land use and zoning laws and can provide the necessary guidance you need to navigate this new opportunity.
Speak With An Experienced Attorney
SL Law Group, PLLC is the firm to contact when you are considering the pros and cons of entering into New York’s cannabis industry. Steven Simicich can help you avoid costly pitfalls and the frustration of ensuring your business is complying with evolving regulations. Call 646-679-1141 or send Steven an email to arrange for a consultation.