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Cannabis Law Blog

Posts by Shaun G. Sullivan-Towler

Cannabis Law Blog

News and analysis focusing on the full spectrum of cannabis-related issues facing businesses, investors, financial institutions and all levels of government throughout the United States

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Photo of Cannabis Law Blog Shaun G. Sullivan-Towler
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SSullivan-Towler@dykema.com
517-374-9138
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Showing 2 posts by Shaun G. Sullivan-Towler.

Michigan Marijuana Regulatory Agency Furloughs Likely to Cost State Money

As Michigan, like every other state, has grappled with enormous budget pressures as a result of restrictions needed to battle the scourge of the COVID-19 pandemic, one rare bright spot has been increasing tax revenues from the sale of cannabis products. April sales data from Michigan’s Marijuana Regulatory Agency (MRA) shows roughly $34 million in medical marijuana sales, and a record $28 million in adult-use sales. Those sales have generated $2.8 million in marijuana excise tax revenue and $3.7 million in sales tax revenue. Read More ›

Annual Financial Statements Are Due by December 31, 2019: Here’s What You Need to Know

In an advisory bulletin published on October 3, 2019, the Michigan Marijuana Regulatory Agency (MRA) outlined the requirements for filing annual financial statements. Only facilities licensed as of August 1, 2018 must file for the reporting period beginning on August 1, 2018 and ending on July 31, 2019. The annual financial statement must be filed by December 31, 2019, follow specific procedures, and contain specific schedules. Read More ›