The Cannabis Regulatory Agency (CRA) is committed to continuous improvement and, in collaboration with CPAs and other stakeholders released an advisory bulletin today announcing a new procedure for the filing of annual financial statements (AFS), which will greatly reduce the regulatory burden on marijuana licensees.
Currently, every CRA licensee is required to file a separate AFS, every year, for both their medical and adult-use licenses. Beginning in Fiscal Year 2023, the medical AFS and the adult-use AFS will be combined into one document and will only be required to be filed once every three years (unless otherwise required by the CRA).
Cannabis businesses with both medical and adult-use licenses currently must file six separate AFS reports over the course of three years. With this new process, these businesses would only be required to file one combined AFS during that same time frame (unless otherwise required by the CRA).
The advisory bulletin explains, in detail, what CRA licensees should expect as this new process gets implemented.
For questions regarding the AFS requirements, please email CRA-AFS@michigan.gov or contact the CRA by phone at 517-284-8599.