Vermont’s legal marijuana market continued its steady expansion through the first six months of 2025, posting higher sales and excise tax revenue compared to the same period last year.
Between January and June 2025, taxable marijuana sales reached $71.85 million, generating $10.92 million in excise tax revenue. That marks an increase from the first half of 2024, when taxable sales totaled $65.74 million and excise taxes came in at $9.38 million. This year-over-year growth represents roughly a 9% increase in taxable sales and a 16% increase in excise tax revenue.
Monthly sales and tax collections in 2025 showed some fluctuations but remained consistently above 2024 levels. The strongest month so far this year was May, with $12.42 million in taxable sales and $1.74 million in excise tax revenue, a 4.7% increase over April. By comparison, May 2024 produced $11.47 million in taxable sales and $1.61 million in excise taxes.
The number of licensed businesses filing returns has also expanded significantly. Vermont reported 104 to 106 monthly filers in the second quarter of 2025, compared to just 77 filers during the same months of 2024. That growth reflects the ongoing maturation of the state’s regulated market, which has seen more retailers, cultivators, and product manufacturers enter the system.
Despite some month-to-month variability, such as a 2.8% decline in June compared to May, the broader trend shows Vermont’s cannabis industry building on its strong performance in 2024. With sales consistently topping $11 million per month this year and more businesses contributing to the tax base, the state’s cannabis revenue stream is on pace for another record-setting year.
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