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, the legislation did not explicitly outline adult-use licensure. This legislation's timeline states that it would formally take effect on October 1, 2020; however, dispensary licenses do not have to be issued until October 1, 2022.

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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.