Cannabis Annual Financial Statement Deadline October 31
The October 31, 2020 due date is fast approaching for many marijuana licensees who need to submit their annual report to the Michigan Regulatory Agency (MRA). The MRA issued an advisory bulletin on June 3, 2020 outlining the reporting requirements as part of the marijuana licensing renewal processes for licensed medical marijuana facilities. The annual report to be submitted is required to be an Agreed Upon Procedures report performed by an independent certified public accountant (CPA) which could include up to nine time-consuming procedures. These procedures may involve substantial testing of various transactions involving receipts and disbursements related to vendors, payroll, licensing agreements and owner distributions.
All medical marijuana licensees that were initially licensed as of December 31, 2019, must file the report for fiscal year 2020. The report must cover all licenses held by the licensee at any time during the reporting periods. This includes:
- Provisioning Centers
- Secure Transporters
- Safety Compliance Facilities
The report must be received by the MRA by the due date. Licensees filing a late report will be forwarded to MRA Enforcement Division for possible disciplinary action.
We have a team of experienced professionals specializing in the cannabis industry. We can assist with the specific procedures required for a license renewal, contact us today, 517.323.7500.