Oxnard--The Finance & Governance Committee approved Avenu Insights & Analytics for Commercial Cannabis Financial Auditing Services during its Tuesday, October 24 meeting.
THE Oxnard City Code (OCC) currently allows retail cannabis dispensaries at 16 locations, manufacturing at eight locations, distribution at three locations, and testing laboratories at one location.
Community Development Management Analyst Matthew Simpkins presented the item and said that after one year of operating, all commercial cannabis businesses will be subject to a financial audit.
“The financial audit is required to be prepared by an independent certified public accountant, procured by the cannabis applicant, and submitted to the City for review and approval,” he said. “The City currently does not have the technical expertise to audit cannabis businesses, and in February, the city issued a Request for Proposals (RFP) for cannabis auditing services.”
He said the City of Oxnard received seven proposals based on the criteria within the RFP, and they interviewed three firms.
“Avenu was selected as the most qualified to perform the work due to their overall experience providing cannabis financial auditing services to other municipal organizations,” Simpkins said.
The scope of work will include verifying tax payments reported by the cannabis businesses to the…
