The Michigan Marijuana Regulatory Agency (MRA) in a bulletin issued on June 3, 2020 issued a bulletin announcing the annual financial statements (AFS) requirements for all businesses and individuals with marijuana licenses on or before December 31, 2019.
The requirements for the AFS are as follows:
- The report is an agreed-upon procedures engagement that must be conducted by an independent certified public accountant (CPA).
- The CPA must communicate their findings in a reporting structure created by the MRA specifically for the marijuana industry. Each license holder is responsible for filing the report with the MRA and no other report will be accepted.
- All marijuana licensees that obtained a license on or before December 31, 2019 must file a report for 2020. The report must cover all licenses held at any time during the applicable reporting period.
- The reporting due date for licenses acquired before October 1, 2019 is October 31, 2020, however initial licenses that were obtained between October 1, 2019 and December 31, 2019 have a report due date of January 31, 2021
Compliance with these reporting requirements is absolutely necessary for all licensees operating in the State of Michigan. Licensees filing a late report will be forwarded to the MRA Enforcement Division for possible disciplinary action, including possible license suspension.
Edwards, Ellis & Associates has a staff of qualified professionals that can complete the necessary procedures and report as well as help companies bring their accounting records into compliance with the requirements of the MRA. Call or email us today to get started on your AFS report at:
Ann Arbor:
Jeffrey D. Miller, CPA
(734) 662-0277
[email protected]
Troy:
Jeffrey B. Ellis
(248) 643-4545
[email protected]
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