On Thursday, the Marijuana Regulatory Agency (MRA) announced the new regulatory assessment fees for Fiscal Year 2020. The amount of the regulatory assessment fees for licensed medical marijuana facilities is determined annually as required by section 602 of the Medical Marijuana Facilities Licensing Act (MMFLA), which states: “The medical marihuana excise fund is created in the state treasury…. Except for the application fee under section 401, the regulatory assessment under section 603, and any local licensing fees, all money collected under section 601 and all other fees, fines, and charges, imposed under this act shall be deposited in the medical marihuana excise fund.”
The regulatory assessments for Fiscal Year 2020, beginning October 1, 2019 and ending September 30, 2020, are as follows:
“The fiscal year 2020 regulatory assessment fee for MMFLA facilities is a significant improvement in the right direction for both applicants and existing cannabusinesses. Similar to the recently released fees for adult-use establishments, the MMFLA regulatory assessment fee now takes into account the size and scope of a company’s business operations,” associate attorney Nick Galendez said. “The regulatory fee required to initially obtain a license were reduced based on the type of license, and also was designed to be more fairly representative of the regulatory costs for each license type and market share of each individual business.”
Approved license applicants must pay these fees before license issuance or renewal for each license type. However, here are the significant changes made to the regulatory assessment structure for fiscal year 2020:
Cannabis Legal Group offers a wide range of specialized services related to licensing and regulatory compliance in Michigan which are customized and tailored to your company’s specific needs and its business operations. Consult with one of our experienced cannabusiness attorneys today to cultivate your cannabusiness’ success.
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