‘Oz: The Great and Powerful’ Trailer: First Look at James Franco as Iconic Character (VIDEO)

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It’s The Wizard of Oz like you’ve never seen it before.

The stunning first trailer for Oz: The Great and Powerful was released at Comic-Con on Thursday, and it’s safe to say that director Sam Raimi (Spider-Man) has done the legendary 1939 film justice.

Though this retelling of author Frank Baum’s epic story doesn’t follow the Judy Garland film exactly, there are certainly a few parallels.

One of the most obvious being James Franco who stars as the titular character, who eventually becomes the wizard of Oz.

The trailer starts off in black and white, just like The Wizard of Oz. Magician and con-artist Oscar Diggs (Franco) takes off from his small Kansas town in a hot air balloon, and is mysteriously redirected to the magical land of Oz.

Upon his arrival, he meets quite a group of witches, including Theodora (Mila Kunis), Glinda (Michelle Williams) and Evanora (Rachel Weisz), and is fascinated by the dream like world he has encountered.

Many from the land of Oz are torn on whether or not this was the great man they were expecting and, according to a plot synopsis from Disney, “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.”

What do you think of the film so far? Watch the trailer — above.

The Great and Powerful Oz hits theaters on March 8, 2013.