America’s biggest legal pot economy — the California medical marijuana industry — is undergoing historic regulation. Not every player will survive.

California’s just-enacted “Medical Marijuana Regulation and Safety Act” is set to transform the state’s multi-billion dollar pot industry. So we sat down with state official Fiona Ma, who said cannabis companies and workers need to switch from hiding in the shadows — to paying their taxes, and helping shape regulations like never before.

Ma is the chair of the legislative committee at the state’s tax collector — the Board of Equalization. She worked with the legislature and governor to update the laws for the California medical cannabis economy and prepare for full legalization. She’s met with growers, cops, and stakeholders. I asked her, how big a deal is the MMRSA?

California has an estimated $1.4 billion medical cannabis economy. MMRSA calls for ten license types for the industry, with dual state and local permitting for farms, stores, and hash labs.