Vermont Sells Over $2.6 Million in Adult-Use Cannabis

Vermont Sells Over .6 Million in Adult-Use Cannabis
High Times

Vermont’s adult-use cannabis industry took off with a bang. According to the Vermont Department of Taxes, Vermont cannabis stores sold $2.6 million worth of product in October, the first month of legal cannabis sales. “It really is just kind of tracking pretty closely with what our projections were,” Brynn Hare, executive director of the Vermont Cannabis Control Board told Seven Days. “If you carry those numbers out—if we continue to get licenses out, we get the tourist revenue that we were anticipating into the state—then I think we’re on track to hit our projection for [fiscal year 2023].” According to James Pepper, chair of the Vermont Cannabis Control Board—$2.1 to $2.4 million in excise taxes could be collected during the first nine months of cannabis sales. That translates to around $233,000 to $267,000 per month. “They look pretty much like our projections were accurate,” Pepper said. Seven Days reports that Vermont legislature’s Joint Fiscal Office predicted higher numbers, with annual sales estimates ranging from $3.3 million to $9.1 million, translating to monthly excise tax revenues of $275,000 to $758,000. In 2020, Vermont became the 11th state to tax and regulate cannabis. Two years later, sales figures are beginning to show the rewards. Adult-use cannabis sales officially launched in Vermont recently, with stores in three communities opening their doors to customers. The three retailers to open this weekend were FLORA Cannabis in Middlebury, Mountain Girl Cannabis in Rutland, and CeresMED in Burlington, according to the Associated Press, which noted that a “fourth business has been licensed to sell recreational pot but isn’t ready to do so yet.”  Vermont’s 2018 law, which was signed by Republican Gov. Phil Scott, did not establish a regulatory framework for an adult-use cannabis market, making Vermont an outlier compared to other states with legal cannabis. That…

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