The Marijuana Herald

Vermont: $2.6 Million in Marijuana Sold in First Month of Legal Sales, $520,000 in New Taxes

In Vermont’s first month of legal marijuana sales consumers purchased $2.6 million worth of marijuana and marijuana products.

Although Vermont legalized marijuana in October, 2020 following the govern signing Senate Bill 54, the first legal marijuana sales taking place at licensed retail outlets didn’t begin until October of this year.

Now, we have the first data on the state’s legal marijuana market. According to data released by the state’s state Department of Taxes, $2.6 million in marijuana was sold in October, a number that is likely to grow substantially in the following months as more outlets open their doors (for example, there are 36 licensed marijuana retailers now compared to seven on October 1st).

The $2.6 million sold in October is on track with Vermont Cannabis Control Board sales projections.

According to 2022 MJBiz Factbook projections, Vermont retailers likely will generate $3 million to $5 million in recreational sales this year and $120 million-$145 million by 2026..

Vermont imposes a 14% excise tax on the retail sale of cannabis and cannabis products, in addition to the standard 6% sales tax. This indicates that the state made around $520,000 in new taxes from marijuana sales in October ($364,000 from the excise tax and $156,000 from the state’s sales tax).

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Anthony Martinelli

Anthony Martinelli is founder and Editor-in-Chief of The Marijuana Herald. Anthony previously served as Editor-in-Chief of TheJointBlog.com (a cannabis news site he founded in 2011 and sold in 2019), and he has worked as a campaign manager and communications director for multiple political campaigns and elected officials. Anthony can be reached at Info@TheMarijuanaHerald.com.