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.
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Since adult-use sales began in October 2022, monthly sales have skyrocketed from ~$1.3M to ~$8.6M. 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 has limited opportunies 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 fr of canopy per license