The Michigan Regulatory Agency (MRA) issued an advisory bulletin on January 6 to outline the requirement of the annual financial statement reports for all licensed adult-use marijuana facilities. The Annual Financial Report, similar to the one recently completed for those Medical Marijuana licensees, applies to facilities with adult-use licenses that were licensed prior to December 31, 2020. The annual financial statement reporting is required to be an Agreed Upon Procedures report performed by an independent Michigan licensed certified public accountant (CPA).
For this fiscal year, some licensees will be required to file two reports to bring reporting requirements current. The number of reports due for fiscal year 2021 and the reporting period for each report is determined by the date the licensee received its first adult-use establishment license. The due date of each report is based upon the licensee’s assigned reporting period with the first reports due to be submitted to the MRA beginning June 30, 2021.
We have a dedicated team of experienced professionals specializing in the cannabis industry. Contact us today to schedule a meeting to review your adult-use reporting requirement to avoid disciplinary action by the MRA.