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New bill eases finance rules for marijuana facilities

Posted at 10:35 AM, Dec 31, 2021

LANSING, Mich. — Gov. Gretchen Whitmer has signed a bill into law that will streamline the financial reporting process for marijuana facilities.

Unlike other types of businesses, adult-use marijuana businesses are required to submit statements of their total operations to the statethrough the marijuana regulatory agency.

This new bill allows marijuana growers to submit these statements every three years instead of annually.

Micah Siegal, general counsel for Pure Brands, which operates Pure Options Cannabis Provisioning Center in Lansing, said this will streamline the reporting process for businesses.

“The way it was before... you'd have different filing requirements for medical licenses versus adult use, although the information is coming from the same company," Siegal said. "So what this does is marries up the deadlines for medical and adult use financial statement filings.”

State Rep. Roger Hauck, a Union Township Republican and the bill's sponsor, said this will help support an important part of Michigan's economy.

“I think it'll benefit the state of Michigan... because then instead of looking at a financial statement every year, they could only look at it every three years," Hauck said. "And it's just like any other business. I mean, some people like it or not, marijuana is legal now in the state. And I'm trying to help them streamline and help navigate the system of state government.”