The revised version of New York’s comprehensive cannabis legislation that legalizes recreational cannabis and expands New York medical cannabis program has (finally) been released. Still titled the Marijuana Regulation and Taxation Act (the MRTA), the revised legislation more closely resembles the original version of the MRTA than Governor Andrew Cuomo’s legalization plan, as was expected. The MRTA is expected to be voted on in the next week.

Before getting into the MRTA itself, two important caveats:

The MRTA is not yet law. While it is widely expected that the MRTA will be passed in short order, our summary is based on the proposed final bill. However unlikely, additional revisions could be made before passage. The actual application process for prospective licensees has not yet been released. With that said, the MRTA provides a good indication of what will be considered as part of evaluating license applications. As detailed below, the Cannabis Control Board (CCB) and Office of Cannabis Management will be established after the MRTA is passed and will be responsible for creating and implementing a license application process in accordance with the MRTA.

Let’s get to the actual terms of the MRTA, which covers everything from the

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