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 adult-use license. The AFS report must cover all adult-use licenses held by the licensee at any time during the reporting period. Refer to the chart and examples below for more details:

Initial Licensure

Number of Reports Due

Reporting Period(s)

AFS Due

November 2019

December 2019

2

November 1, 2019 - September 30, 2020

October 1, 2020 - September 30, 2021

June 30, 2021

March 31, 2022

January 2020

February 2020

March 2020

1

January 1, 2020 - December 31, 2020

June 30, 2021

April 2020

May 2020

June 2020

1

April 1, 2020 - March 31, 2021

September 30, 2021

July 2020

August 2020

September 2020

1

July 1, 2020 - June 30, 2021

December 31, 2021

October 2020

November 2020

December 2020

1

October 1, 2020 - September 30, 2021

March 31, 2022

Example #1:

A licensee holds the following licenses:

  • Processor - Issued 4/25/2020
  • Grower Class C - Issued 7/20/2020
  • Grower Class C - Issued 7/20/2020
  • Grower Class C - Issued 8/17/2020
  • Retail Establishment - Issued 4/09/2021

The reporting period is determined by the date the licensee was issued its first adult-use license. In this case, the processor license was the first license to be issued to the licensee, which was on 4/25/2020. Based on the reporting period chart, one AFS report is due for Fiscal Year 2021:

  • The AFS report should cover the reporting period for April 1, 2020 - March 31, 2021.
    • The report should cover all the adult-use establishment licenses held by the licensee during the reporting period. The licenses for the Processor (issued 4/25/20) and all Grower Class C's (issued 7/20/20 & 8/17/20) would need to be included in the AFS report. This is because the licensee held those licenses during the reporting period.
    • The Retail Establishment license (issued 4/09/21) would not be included in the AFS report for FY21 because the license was not held during the reporting period.
    • Any medical facility licenses held by the licensee would not be included in the AFS report.

Example #2:

A licensee holds the following licenses:

  • Grower Class C - Issued 11/20/2019
  • Processor - Issued 1/10/2020
  • Retail Establishment - Issued 2/22/2020
  • Retail Establishment - Issued 10/30/2020
  • Grower Class C - Issued 4/14/2021
  • Grower Class C - Issued 10/09/2021

The reporting period is determined by the date the licensee was issued its first adult-use license. In this case, the Grower Class C license was the first license to be issued to the licensee, which was on 11/20/2019. Based on the reporting period chart, two AFS reports are due for Fiscal Year 2021:

  • The first AFS report should cover the reporting period for November 1, 2019 - September 30, 2020.
    • The report should cover all the adult-use establishment licenses held by the licensee during the reporting period. The licenses for the Grower Class C (issued 11/20/19), Processor (issued 1/10/20), and Retail Establishment (issued 2/22/20) 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 Retail Establishment (issued 10/30/20), Grower Class C (issued 4/14/21) and Grower Class C (issued 10/09/21) would not be included in the first AFS report because the licenses were not held during the reporting period.
    • Any medical facility licenses held by the licensee would not be included in the AFS report.
       
  • The second AFS report should cover the reporting period for October 1, 2020 - September 30, 2021. 
    • The report should cover all the adult-use establishment licenses held by the licensee during the reporting period.  The licenses for the Grower Class C (issued 11/20/19), Processor (issued 1/10/20), Retail Establishment (issued 2/22/20), Retail Establishment (issued 10/30/20), and Grower Class C (issued 4/14/21) 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 10/09/21) would not be included in the second AFS report because the license was not held during the reporting period.
    • Any medical facility licenses held by the licensee would not be included in the AFS report.