The Michigan Regulatory Agency (MRA) recently made revisions to the MMFLA Application Forms in order to streamline the application intake, review and approval process. The MRA is continuing to utilize a two-step application process for state operating licenses in Michigan consisting of prequalification and facility licensing, but made the following changes to the application forms:
Prior to these recent changes, the application was broken down into 2 application types: Entity and Supplemental. There are now different applications for entities, sole proprietors, supplemental applicants and those with ownership interest:
For prequalification, applicants must provide financial information for each bank credit union, savings and loan association, stock brokerage or other financial institution (foreign or domestic) in which the applicant has control of.
The MRA reduced this requirement, and is now only requesting 12 months of statements instead of 36 months. If additional statements are needed, analysts will follow up with applicants during the in-depth financial review phase.
The MRA no longer requires ALL deeds, leases and additional property documentation for applicant’s property interests. For supplemental applicants, the only property interests that need to be disclosed are those used for capitalization or for the proposed licensed facility.
The MRA recently clarified that traffic violations do not need to be disclosed on the application. Applicants must still must report all misdemeanors/felonies not including traffic violations. This is regardless of whether the offense has been reversed on appeal, reduced, expunged, set aside or pardoned.
These newly updated application forms are located on LARA’s website. It is important to consult the Application Instruction Booklet and an experienced cannabis attorney to ensure that the application has been completed to meet all of the requirements, to avoid delays and improve odds of licensing success.
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