Episode description

Startup LAWnchpad is the podcast that educates entrepreneurs about forming, growing, and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.

Episode Description:  Alice Millerchip (Fordham Law ‘24) and Zachary Schwartz (Fordham Law ‘24) interview Cannabis Attorney Michael McGuire about cannabis law, the emerging cannabis industry, and considerations for new and existing businesses operating in New York’s evolving cannabis market. 

• [:34]Fordham Law students Alice Millerchip and Zachary Schwartz introduce themselves and guest Michael McGuire. 

• [3:32] An overview of cannabis history, law, and the current cannabis industry in New York. 

• [9:55] Licensing options and consideration for entrepreneurs in the cannabis industry. 

• [18:08] Municipality limitations and variations for cannabis dispensaries. 

• [23:06] Details regarding separation of parties of interest (TPI) to minimize monopolies in the industry. 

• [32:03] Major federal regulation and tax considerations that entrepreneurs need to be aware of at start up. 

• [46:02] Long term considerations including post-prohibition pricing and licensing. 

• [50:27] Key developments in the cannabis industry and final words of advice. 

• “This is a great progressive [cannabis] bill in its intent and was really designed well to remedy some of the wrongs that occurred during the war on drugs.” - Michael McGuire

• “It’s been a very bumpy ride for entrepreneurs in the cannabis industry.”  - Michael McGuire

• “Very few of these rules have actually been challenged in court, so we don’t know what’s going to happen yet.” - Michael McGuire

• “If you’re an entrepreneur and your cannabis business goes bankrupt, the bankruptcy court can’t protect your assets from the creditor.” - Michael McGuire

• “You can’t get away with anything. Your actions stay with you in a way that they didn’t when cannabis was prohibited.”  - Michael McGuire

• “As you make your retail plan, you need to be realistic about the long-term price of cannabis.”  - Michael McGuire

• “A lot of people go into the cannabis industry thinking that it's a way to get rich quick.  It’s not.” - Michael McGuire

• Fordham’s Entrepreneurial Law Clinic

• Follow us on Twitter @FordhamELC

• Nasdaq Educational Foundation

• Fordham’s Entrepreneurial Law Advisory Council

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