State relaxes funding rules for marijuana production facilities
LANSING, Michigan – Governor Gretchen Whitmer has signed a bill that will streamline the financial reporting process for marijuana production facilities.
Unlike other types of businesses, adult marijuana businesses are required to submit reports of their total transactions to the state through the marijuana regulatory agency.
This new bill allows marijuana growers to submit these returns every three years instead of once a year.
Micah Siegal, general counsel for Pure Brands, which operates the Pure Options Cannabis supply center in Lansing, said it would streamline the reporting process for companies.
“As it was before… you would have different filing requirements for medical licenses compared to adult use, although the information is from the same company,” Siegal said. financial statement documents are used by adults.
State Representative Roger Hauck, a Republican from Union Township and the sponsor of the bill, said it would help support a significant portion of Michigan’s economy.
“I think it will benefit the state of Michigan… because instead of going to a financial statement every year, they would only be able to see it every three years,” Hauck said. “And it’s like any other business. I mean, some people like it or not, marijuana is now legal in the state. And I’m trying to help them streamline and navigate the system. state government. “
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