Home/Markets/Vermont
VT — VERMONT ● Tracking

The Craft Cannabis Crisis

Vermont was supposed to be different. The first state to legalize through its legislature — not a ballot initiative — designed a system to protect small farms and craft growers. Three years into retail sales, the state has more cannabis shops than liquor stores, a license moratorium, and a CCB chair warning of a market “bust.” Flower sits at $10.63/g today. The craft vision is colliding with economic gravity.

$66K
Median trade area income
113
Dispensaries
$10.86/g
Median flower price
57
Cities covered
Data Coverage
What we track in Vermont
Menu coverage across Vermont’s licensed retail network. With 106 licensed retailers as of mid-2025, Vermont is small but saturated — one dispensary per 6,000 residents in a state of 647,000 people. Our dataset captures 64 dispensaries with active menus across 42 cities.
Dispensary Menu Data
113 dispensaries · 57 cities · 44K+ items
Live menu pricing, product categories, strain types, THC percentages, and brand distribution. Vermont’s small-batch, craft-focused market shows distinct product mix patterns compared to larger states — higher flower share, fewer national brands, more locally cultivated product.
Government Regulatory Data
CCB · Cannabis Control Board
License counts, sales revenue, excise tax data, and enforcement actions from the Cannabis Control Board. Vermont’s CCB publishes monthly tax filings and maintains a public license registry with location data for every active establishment.
Regional Context
ME · MA · NH · NY border dynamics
Vermont sits at the center of New England’s cannabis corridor. Maine at $8.57/g and Massachusetts at $7.14/g represent where Vermont pricing is likely headed. New Hampshire’s potential 2026 legalization would add another border market. New York at $12.57/g still pulls premium.
AVAILABLE
Demographic Intelligence
Census-tract level · Vermont dispensary trade areas
Median household income, education levels, age distribution, and competitor density for every dispensary location in Vermont. Available in Radius Briefs and Quarterly Reports.
The Vermont Story
The first legislative legalization. The craft cannabis dream. And a market that grew faster than anyone planned.
Vermont’s path was deliberate — legalize through the democratic process, not a ballot initiative, and build a system that protects small producers. Three years of retail sales later, revenue is smashing projections while the CCB pumps the brakes on new licenses.
JAN 2018
Vermont becomes the first state to legalize cannabis through its legislature
Governor Phil Scott signs H.511, making Vermont the 9th state to legalize recreational cannabis and the first to do so through the legislative process rather than a voter initiative. The law allows personal possession and home cultivation but does not yet permit commercial sales.
OCT 2020
Act 164 establishes the Cannabis Control Board and commercial framework
After two years of debate, Vermont creates the CCB as a dedicated regulatory body with authority over cultivation, manufacturing, retail, and testing licenses. The five-tier cultivation system is designed to protect small farms. Social equity provisions are embedded from the start.
OCT 2022
First licensed retail sales begin
Four years after legalization, Vermont’s first licensed stores open. The long runway gives the state time to design a careful system, but it also means the illicit market and medical caregiver system are deeply entrenched by the time legal retail arrives.
2023
Revenue smashes projections: $108.7M in first full year
The state had originally projected $130K–$250K in cannabis tax revenue for its first fiscal year. The Q4 2022 launch alone generated $6.1M. By end of 2023, annual sales hit $108.7M with $15M+ in excise tax revenue. Vermont now has more cannabis shops than state-run liquor stores.
2024
$139.2M in sales — and the CCB hits the brakes
Sales surge 28% year-over-year to $139.2M, generating $19.7M in excise taxes and $8.1M in sales tax. But the CCB chair warns of a potential market “bust” from oversaturation. In late 2024, the board pauses new retail licenses. Cultivation licenses follow in early 2025. The craft cannabis dream meets market economics.
2025–2026
License moratorium and excise tax restructuring
With 106 retailers serving 647K people, the CCB freezes new licenses while studying supply-demand balance. H1 2025 sales hit $71.85M (up 9% YoY), but prices are falling as competition intensifies. Starting July 2025, 100% of excise tax revenue flows to the General Fund, with 30% earmarked for substance misuse prevention. The state considers cannabis farmers’ markets for small cultivators.
Government Data
Cannabis Control Board (CCB)
Vermont’s CCB publishes monthly tax data through the Department of Taxes and maintains a live license registry. The transparency is notable — monthly filer counts, taxable sales breakdowns, and enforcement actions are all public. The data tells a story of a market that grew too fast for its own regulatory comfort.
Tax Structure
14% excise + 6% sales
20% effective tax rate on adult-use purchases. Medical cannabis exempt from both excise and sales tax. Some municipalities add 1% local option tax.
License Model
Moratorium (2024–)
CCB paused new retail licenses in late 2024, cultivation licenses in early 2025. Five-tier cultivation system designed to protect small farms. Social equity program waives fees for qualifying applicants.
Annual Sales
$139.2M (2024)
Growth: $6.1M (Q4 2022) → $108.7M (2023) → $139.2M (2024). H1 2025: $71.85M (9% over H1 2024). On pace for ~$160M+ in 2025.
Excise Revenue
$19.7M (2024)
Plus $8.1M in sales tax. Less than 1% of General Fund revenue. Starting July 2025, 30% of excise (up to $10M) earmarked for substance misuse prevention.
Licensed Retailers
106 (Jul 2025)
Up from 77 in July 2024 (38% growth). More cannabis shops than Vermont’s state-run liquor stores. One dispensary per ~6,100 residents.
Market Signal
Oversaturation warning
CCB chair warned of potential market “bust” from unchecked expansion. Small cultivators hit hardest. Cannabis farmers’ market under legislative consideration to help direct-to-consumer sales.
Cross-State Context
Vermont is priced like a young market — but with the density of a mature one. That gap closes.
Vermont flower pricing matches Maryland and Arizona. But those states have 6–8 million people each. Vermont has 647,000 — and 106 licensed retailers. The per-capita dispensary density is among the highest in the nation. When density is high and population is low, the price trajectory only goes one direction. Maine and Massachusetts show the New England endpoint.

See Massachusetts’ New England benchmark →

Median flower price (/g) across selected tracked markets. Full comparison available in the Pricing Index.
Intelligence Products
Vermont market intelligence, built for your segment
Every product includes VT’s full pricing data plus regional context across the New England corridor. Launch pricing for founding members.

Dispensary Operator Stack

For VT dispensary operators
  • Competitive pricing across all 42 VT cities
  • License moratorium impact analysis
  • Category-level margins vs. state medians
  • Per-capita density mapping by municipality

Brand & Cultivator Stack

For VT craft cultivators & brands
  • Shelf presence by brand across VT dispensaries
  • Craft premium analysis: local vs. national brand pricing
  • Distribution coverage gaps by region
  • Small-farm viability metrics by tier

Investor & Analyst Stack

For investors evaluating VT
  • Revenue-per-store trend analysis
  • Compression trajectory modeling (ME/MA as proxies)
  • License freeze impact & reopening scenarios
  • New England corridor cross-border dynamics

Intelligence for the Green Mountain Market

Hyperlocal competitive intelligence for Vermont operators in one of America’s highest per-capita dispensary markets. With 106 retailers serving 647,000 people, the operators with data will navigate the density-driven compression ahead.

Get Intelligence →

Get Your Competitive Intelligence

6.0M+ menu items • 8,374+ dispensaries • 19 markets

Your information is confidential. We never share data.