Governor Phil Scott (R) signed adult use cannabis legislation in October 2020. Industry pundits project Vermont to be a ~$150MM market by 2025.
While the state has no limit on the number of licenses it will issue, operators are limited to 1 license per type (retail, cultivation, wholesale), which caps large MSOs from setting up a statewide infrastructure.
December 2023 | Zenbarn Farms accounted its acquisition of Vermont Patients Alliance and Curaleaf's VT assets including two dispensaries and a cultivation and manufacturing facility
August 2021 | SLANG Worldwide completed its acquisition of High Fidelity for $12MM
There exists opportunities for MSOs to establish a flagship store in the state in anticipation of loosening restrictions, but there is no indication that much will change in the near term.
The license cap limits large-scale opportunities in the state and has resulted in a saturation of stand alone locations.
*Outdoor tiers range from 1,000 to 37,500 sq ft of canopy per license. Indoor tiers range from 1,000 to 25,000 sq ft of canopy per license
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