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State easing finance rules for marijuana facilities

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

Unlike other types of businesses, adult-use marijuana businesses are required to file statements of their aggregate operations with the state through the marijuana regulatory agency.

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

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

“As it used to be…you had different application requirements for medical licenses than for adult use, even though the information comes from the same company,” Siegal said. “So what this does is use the adult medical and financial statement filing deadlines.”

State Representative Roger Hauck, a Union Township Republican and the bill’s sponsor, said it will help support a significant portion of Michigan’s economy.

“I think it will benefit the state of Michigan … because 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 in the state now. And I’m trying to help them streamline and navigate the state government system.”

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