Applying for an MMFLA state license requires a comprehensive financial history, including historical financial summaries and tax returns. In many cases, this includes locating and organizing years of ongoing financial documents. Applicants also must demonstrate a certain net worth depending on the size of the business and the type of license. The net worth statement must be audited by a licensed CPA before it is submitted with the application.
Applying for an MMFLA License with CCA Advisors
Cendrowski Corporate Advisors provides guidance for applying for an MMFLA license. We can also assist with gathering, organizing, and summarizing all required financial records for presentation to the state.
Client Success: Compilation of Financial Data for Successful MI LARA Application
A group of investors seized the opportunity to start a cannabis business after it became legal in Michigan. The investors engaged Cendrowski Corporate Advisors to gather the financial information necessary to submit an application for grow-and-dispense licensing with LARA, the State of Michigan licensing board. We requested, compiled, and assembled all of the essential ownership and banking information and documented the source of investment funds as required.
For this client, we also built financial models to project detailed operating statements, helping to budget the start-up capital requirements and compiling forecasts of financial information with detailed notes and assumptions for use in their capital raise. We worked through the operating agreement to coordinate financial aspects of their governance documents, along with strategizing to optimize their tax structure and estimating the impact of Section 280E cost limitations for income tax purposes.
In coordination with our efforts, the State of Michigan granted the business cannabis grow and dispensary licenses. The compiled forecasted financial information also became the basis for a successful capital raising campaign.