Mississippi AG Issues Opinion on Investment of Excess Cannabis Tax Funds in SEC-Registered Money Market

The Mississippi Attorney General (AG) issued an opinion addressing whether excess funds collected from state-imposed taxes on medical cannabis may be invested in an SEC-registered money market fund. The opinion outlined that under Mississippi law, excise taxes and excess sales taxes from the sale of medical cannabis are deposited into the State General Fund. The AG found that if the State Treasurer and Executive Director of the Department of Finance and Administration determine the funds are excess and not required for current needs, and the State Treasurer determines the excess funds cannot be invested under certain statutory provisions, then the ...