After many, many stills and one freakin' awesome poster, Walt Disney Studios has finally gotten around to releasing the first full theatrical trailer for its upcoming Sam Raimi-directed Wizard of Oz prequel, Oz: The Great and Powerful.

Starring James Franco, the film's events take place prior to both the original film and L. Frank Baum's original book. A brief synopsis follows:

When Oscar Diggs (Franco), a small-time circus magician with dubious ethics, is hurled away from dusty Kansas to the vibrant Land of Oz, he thinks he's hit the jackpot-fame and fortune are his for the taking... that is until he meets the witches Theodora (Mila Kunis), Evanora (Rachel Weisz), and Glinda (Michelle Williams) who are not convinced he is the great wizard everyone's been expecting. Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil before it is too late. Putting his magical arts to use through illusion, ingenuity, and even a bit of wizardry, Oscar transforms himself not only into the great and powerful Wizard of Oz but into a better man as well.

Oz is set to open in theaters nationwide on March 8.

[H/T: Bleeding Cool]