The Michigan Marijuana Regulatory Agency (MRA) recently issued a statement regarding the Proof of Financial Responsibility Insurance Requirements for Medical Applicants and Licenses will take effect March 30.
As background, Public Act 160 and 161 of December 2021, which took effect on December 27, 2021, now requires licensees of medical marijuana facilities to have proof of financial responsibility.
According to Rule 10, of the rules set forth by the MRA, the following is required to show proof of financial responsibility based on your application type.
When the laws take effect on March 30, 2022, the MRA will update the application to align with the requirements of the law. They recommend checking the website for the most up to date applications.
We at UHY have a dedicated team of accounting professionals that specialize in the cannabis industry. If you have any questions about this article or any other cannabis related accounting topics, please contact us today.