Legalization of Cannabis Has Impacts on Commercial Real Estate
As New York begins to sort out the regulatory framework for the Marijuana Regulation & Taxation Act (MRTA), the statute that legalized the adult-use/recreational marijuana, legal guidance for establishing physical cannabis business locations under the new law is also beginning to take shape.
MRTA, itself, provides some real estate parameters.
Under the statute, a cannabis retail licensee cannot locate a storefront within five hundred feet of a school or within two hundred feet of a house of worship. These geographical limitations are analogous to the limitations under New York’s Alcohol Beverage Control Law.