Florida MMTC Audit Requirements: What Licensees Need to Know
Understanding the Audit Requirement for Florida MMTCs
When applying for or renewing a Medical Marijuana Treatment Center (MMTC) license in Florida—or transferring ownership of an existing one—the audit requirement is one of the most important compliance steps. The Office of Medical Marijuana Use (OMMU) requires each MMTC to provide certified financial statements that meet strict standards to verify the entity’s financial stability and regulatory readiness.
When an Audit Is Required
Under current OMMU rules, certified financial statements must be submitted:
For new MMTC applicants;
When transferring a license to a new individual owner or business entity (note: an audit may not be required if the change of ownership does not involve a license transfer, but rather an acquisition of stock of the current MMTC entity); and
With each MMTC renewal application every two years.
These statements serve as a key measure of an applicant’s financial capability to responsibly operate a licensed marijuana business in Florida’s tightly regulated market.
Certified Financial Statement Standards
Each MMTC must provide annual certified financial statements for its most recent fiscal year (or most recent two years for renewals), prepared in accordance with:
U.S. Generally Accepted Accounting Principles (GAAP); and
Audited in accordance with U.S. Generally Accepted Auditing Standards (GAAS).
The audit must be performed by a Certified Public Accountant (CPA) licensed under Chapter 473, Florida Statutes, or licensed by another U.S. state.
The certified financial statements must be of the renewal applicant/MMTC itself. Certified financial statements or financial information for parent companies, subsidiaries, sister companies, affiliates, or other entities or persons that are not the renewal applicant will not be accepted. In addition, consolidated and combined financial statements will not be accepted.
Why the Audit Requirement Matters
The certified financial statement requirement ensures that every licensed MMTC is independently financially sound and capable of operating for at least the next two years. This transparency supports the OMMU’s goal of maintaining a stable, compliant, and accountable medical marijuana industry.
A strong audit also signals to investors, partners, and regulators that the MMTC has the internal controls and accounting discipline necessary for long-term success.
Practical Compliance Tips for MMTCs
Engage a Florida-licensed CPA early. GAAP- and GAAS-compliant audits take time—start well before your renewal or application deadline, particularly if it falls in the busy/tax season.
Confirm your fiscal year-end. The audit must reflect your most recently completed fiscal year (or most recent two years for renewal applicants).
Consider whether supplemental information may be helpful. If you are a new company, the audit of your most recent fiscal year may not paint the whole picture. Consider supplementing with documentation pertaining to external sources of funding showing how you will obtain the financial resources needed to continue MMTC operations for at least the next two years of licensure.