While New York appears ready to legalize recreational marijuana for adult use, it could be a year or more before anyone can legally obtain it. Karl Sleight, co-leader of the Harris Beach Cannabis Industry Team, shared why it will take some time in a recent Syracuse.com article.

“It’s really got to be done in three pieces — regulation, control and taxes. What they’re doing is setting up the guardrails for how this will work.”

Karl also weighed in on whether there would be room for smaller players in the retail space, given that the initial licenses will likely go to companies already distributing medical marijuana.

While some feel that gives a leg up to “Big Canna,” Karl notes that the bill limits most retailers to three dispensaries. And it provides that at least 50% of the retail licenses will go to what the state calls “social equity” applicants — minority- and women-owned businesses in communities historically affected by marijuana prosecution.

“There will be room for more players,” Karl said. “By no stretch, in my opinion, will they (big national companies) be cornering the market.”

For more information about adult-use legalization and expected next steps, join Harris Beach attorney Meaghan Feenan and  Morgan Hopkins, a CPA at DeJoy, Knauf and Blood LLP on a live webinar at 4 p.m. EST on April 6. Register for the webinar here.