How do I determine my Annual Financial Statement (AFS) reporting period?

The reporting period is determined by the date the licensee was issued its first license. The AFS report must cover all licenses held by the licensee at any time during the reporting period. Refer to the chart and examples below for more details:


Example #1:

A licensee holds the following licenses:

  • Processor – Issued 9/25/2019
  • Grower Class C – Issued 3/20/2020
  • Grower Class C – Issued 3/20/2020
  • Grower Class C – Issued 5/17/2020
  • Provisioning Center – Issued 7/09/2020

The reporting period is determined by the date the licensee was issued its first license. In this case, the processor license was the first license to be issued to the licensee, which was on 9/25/2019. Based on the reporting period chart, one AFS report is due for Fiscal Year 2020:

  • The AFS report should cover the reporting period for July 1, 2019 – June 30, 2020.
    • The report should cover all the licenses held by the licensee during the reporting period. The licenses for the Processor (issued 9/25/19) and all Grower Class C’s (issued 3/20/20 & 5/17/20) would need to be included in the AFS report. This is because the licensee held those licenses during the reporting period.
    • The Provisioning Center license (issued 7/09/20) would not be included in the AFS report for FY20 because the license was not held during the reporting period.

Example #2:

A licensee holds the following licenses:

  • Grower Class C – Issued 8/08/2018
  • Processor – Issued 10/10/2018
  • Provisioning Center – 2/22/2019
  • Provisioning Center 10/30/2019
  • Grower Class C – 4/14/2020
  • Grower Class C – 7/09/2020

The reporting period is determined by the date the licensee was issued its first license. In this case, the Grower Class C license was the first license to be issued to the licensee, which was on 8/08/2018. Based on the reporting period chart, two AFS reports are due for Fiscal Year 2020:

  • The first AFS report should cover the reporting period for August 1, 2018 – June 30, 2019.
    • The report should cover all the licenses held by the licensee during the reporting period. The licenses for the Grower Class C (issued 8/08/18), Processor (issued 10/10/18), and Provisioning Center (issued 2/22/19) would need to be included in the first AFS report. This is because the licensee held those licenses during the reporting period.
    • The licenses for the Provisioning Center (issued 10/30/19), Grower Class C (issued 4/14/20) and Grower Class C (issued 7/09/20) would not be included in the first AFS report because the licenses were not held during the reporting period.

 

  • The second AFS report should cover the reporting period for July 1, 2019 – June 30, 2020
    • The report should cover all the licenses held by the licensee during the reporting period.

The licenses for the Grower Class C (issued 8/08/18), Processor (issued 10/10/18), Provisioning Center (issued 2/22/19), Provisioning Center (issued 10/30/19), and Grower Class C (issued 4/14/20) would need to be included in the second AFS report. This is because the licensee held those licenses during the reporting period.

  • The Grower Class C license (issued 7/09/20) would not be included in the second AFS report because the license was not held during the reporting period.