The film stars Franco as Oscar Diggs, a magician from Kansas who finds himself thrown into the world of Oz after a devastating tornado (sound familiar?). There, he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who hope he is the one true wizard they've been searching for.
The new trailer, which you can watch above, features many of the same features audiences have come to know and love from the original "Wizard of Oz," including the munchkins, a yellow brick road and flying monkeys (!). However, don't expect any ruby red slippers. Since they were a specific detail of the 1939 classic, and because Disney does not own the rights to the original, Raimi had to forgo the famous footwear.
The new clip also gives us a first glimpse at Raimi's "Wizard of Oz" homage: the director will start the film in black and white and then go to color.
You can check out the new trailer above (to see it in HD, head over to Apple).
"Oz the Great and Powerful," starring Franco, Kunis and Weisz, hits theaters everywhere on March 8, 2013.