Vermont Cannabis
Market Intelligence Report

Vermont's cannabis market generated $139.24 million in sales in 2024 and is tracking toward a new annual record in 2025 — sales reached $82.1 million through July and surpassed $98 million through August, running roughly 10% ahead of the comparable 2024 pace. The market has scaled alongside a fast-growing retailer base: licensed dispensaries grew from 79 in July 2024 to 106 in July 2025, part of a broader pool of 625 total active cannabis business licenses statewide.

Vermont's licensing philosophy deliberately favors small operators, particularly in cultivation, where the state has emphasized low-barrier outdoor and small-tier grow licenses over large-scale indoor cultivation. Some industry commentary suggests overall revenue growth, while still positive, has begun to level off after the program's initial rapid expansion — a typical maturing-market signal alongside the continued record sales pace.

Vermont's small population and older median age make its $139 million-plus cannabis market notably strong on a per-capita basis, likely aided by tourism traffic and proximity to the Boston and Albany metro areas. (Official, Census ACS 2024)

The Vermont Cannabis Control Board (CCB) regulates the state's cannabis industry, with the Vermont Department of Taxes administering the 14% excise tax and 6% sales tax. The CCB has deliberately structured licensing to favor small and outdoor cultivators alongside conventional retail and processing licenses, contributing to a base of 625 total active licenses as of May 2025.

Vermont's primary structural incentive is its licensing tier design itself, which lowers the cost of entry for small cultivators rather than relying on a separate grant program.

Vermont's cannabis supply chain is unusually fragmented by design, with a large share of its 625 active licenses held by small and outdoor cultivators rather than a handful of large-scale producers. Some industry observers have noted this structure carries supply-consistency tradeoffs as the fast-growing 106-store retail network seeks reliable, year-round product.

Vermont's consumer base has supported record sales growth even as the retailer count climbs, suggesting demand has kept pace with — or exceeded — the rapid expansion of the retail network.

The CCB does not publish an official county-level sales ranking; the table below is a modeled estimate based on population and known retail concentration.

Vermont's small-tier licensing structure produces a notably lower cost-of-entry profile for cultivators than most other adult-use states in this report set.

Vendor demand signal tracks which product and service categories Vermont operators are actively sourcing this quarter.

Vermont applies a 14% cannabis excise tax plus the state's standard 6% sales tax. As of July 2025, 100% of excise tax revenue flows to the General Fund, with 30% (up to $10 million) earmarked for substance misuse prevention programs. This structure produced roughly $27.8 million in combined 2024 tax revenue, with fiscal year 2026 revenue projected to reach nearly $35 million.

Vermont borders one medical-only state and two adult-use states, with New Hampshire's lack of an adult-use program representing the most significant cross-border demand opportunity.

Vermont's 625 active cannabis licenses, including a fast-growing retailer base, support a workforce spanning small-scale cultivation, processing, and retail. The Cannabis Control Board does not publish a single consolidated current statewide employment figure. (Not Available at the official statewide level.)

Vermont's licensing structure is designed broadly to lower barriers for small and outdoor cultivators statewide rather than through a dedicated social-equity license set-aside comparable to several peer states. (Not Available: no dedicated statewide social equity license count to report.)

Vermont does not publish an official statewide illicit cannabis market size estimate. Continued record legal sales growth in 2025 suggests the legal market continues capturing demand effectively, though this cannot be directly tied to illicit-market displacement without official data. (Not Available.)

This report blends official Cannabis Control Board and Department of Taxes data with reputable industry and policy media reporting where no single official figure exists.

This report compiles data from the Vermont Cannabis Control Board, the Department of Taxes, the Joint Fiscal Office, federal demographic sources, and reputable industry and policy media.