Terms Used In Michigan Laws > Chapter 333 > Act 281 of 2016 > Part 1 - General Provisions

• Applicant: means a person who applies for a state operating license. See Michigan Laws 333.27102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Cutting: means a section of a lead stem or root stock that is used for vegetative asexual propagation. See Michigan Laws 333.27102
• Department: means the department of licensing and regulatory affairs. See Michigan Laws 333.27102
• Department: means the department of treasury. See Michigan Laws 205.1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Grower: means a licensee that is a commercial entity located in this state that cultivates, dries, trims, or cures and packages marihuana for sale to a processor, provisioning center, or another grower. See Michigan Laws 333.27102
• Industrial hemp: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 333.27102
• license: means a license that is issued under this act that allows the licensee to operate as 1 of the following, specified in the license: