Recently, the UHY cannabis team, along with several other Michigan CPAs that serve the cannabis industry met with the Michigan Marijuana Regulatory Agency (MRA) to discuss and relay any issues during the first year of testing and issuing the required annual financial statements (AFS). The team shared the difficulties encountered both by licensees and CPAs, and focused its efforts on providing feedback aimed to streamline the process. Key items discussed were the elimination of redundancy in testing and the creation of resources to further educate and prepare licensees to properly undergo the testing in an efficient and timely manner.
The cannabis industry is a heavily regulated industry that requires adherence to strict compliance, specific laws, and regulations. Contact the experienced team of cannabis professionals at UHY for assistance.