Governor Phil Scott (R) signed adult-use cannabis legislation in October 2020.  Industry pundits project Vermont to be a ~$150MM market by 2025.

We anticipate the five existing vertically integrated medical licenses to benefit from this. That said, Vermont opened the application period for adult-use cannabis licenses in early April of 2022. It has not yet been stated when the licence winners will be announced.

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There is no notable activity at this time.

Vermont is a tiny state and will therefore be a tiny cannabis market. In the absence of sizeable investment opportunities, look to Vermont to brand the first infused maple syrup.