Every year, like clockwork, licensees must renew and pay annual license fees. Here are the steps you can take now to feel calm and in control of your renewal.

Step 1: Look up your license expiration date (and add it to your calendar as a repeating yearly event). Subtract 60 days to find out when you can begin your license renewal process, which you should complete before the expiration date.

Step 2: Budget for renewal fees. These vary by agency and by revenue/size.
In general, BCC and CDPH fees vary by revenue (the higher the revenue, the higher the license fee). CDFA fees vary by size and type of grow (the bigger the grow and the more artificial light used, the higher the fee). A good starting point is to look up what you paid last year; then review the fee schedule to determine whether that is what you will owe this year. Cultivators whose license type stayed the same should expect to pay the same amount as in 2020.

Step 3: Complete tax filings with your CPA now. Gross revenue and tax documentation are required for renewals.

Step 4: Review and update your SOPs and premises/property diagram(s).

Step 5: Renew your surety bond and file the documentation.

Step 6: Review business owner and financial interest holder (FIH) information from 2020. Has anything changed that you must report?

Alert! Make sure you have disclosed every current owner (with completed live scan) and every current FIH. The agencies are auditing ownership and may issue fines for non-compliance.

Note: This was a general list to get you started. Your license type and/or circumstances may require additional steps or documentation. Reach out to us for personalized guidance.