MS HB1580

Amends Mississippi Code Section 27-72-1 to authorize municipalities to impose an excise tax on medical cannabis cultivation facilities at a rate of 3% of sales price.

Tax applies to cannabis cultivation facilities' first sales of cannabis flower or cannabis trim to medical cannabis establishments, based on actual sales price or fair market value if common ownership exists between seller and buyer.

Fair market value of cannabis flower and trim determined by the Mississippi Department of Revenue, with recalculation occurring twice yearly on January 1 and July 1.

Municipal excise tax revenue, after deducting 3% for Department of Revenue collection costs, must be paid to the municipality by the 15th of the month following collection.

Effective date is July 1, 2023.