Notable Players
No MSOs currently

A Deeper Look At This State

Regulatory Framework

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.

Notable Market Activity

August 2021 | SLANG Worldwide completed its acquisition of High Fidelity for $12MM

What's the Play?

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 opportunities in the state and has resulted in a saturation of stand alone locations.

Market Snapshot

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

594/273

By The Numbers

Population

~0.7MM

21+ Population

~0.5MM

Annual Tourists

~
13
MM

Medicinal Legalization

2004

Adult-Use Legalization

2018

First Adult-Use Sales

2022

MMJ Patients

~3K

Monthly Revenue

~$12MM

Cultivation Cap

6 Tier System*

Cultivation Licenses

385/No Limit (Operational/Limit)*

Retail Licenses

88/No Limit (Operational/Limit)*

Retail License Cap per Operator

1

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Less Restrictive

Adult Population/ # Retail Licenses

~7.4k

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

*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

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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West Palm Beach
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West Palm Beach
Shit We Don't Know

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