Vermont Gears Up for a $225 Million Marijuana Market – Cannabis Business Executive

Vermont’s Cannabis Control Board estimates that spending on recreational marijuana in Vermont could reach $225 million annually by 2025, which would translate to nearly $46 million in new state taxes.

The figures are just some of the news from a highly anticipated report the board released last Friday. The 64-page document lays the groundwork for state regulation of a legal market starting next year. The board is proposing rules and fees, subject to legislative approval, for those who will grow, process, test and sell the weed.

The report was filed to several House and Senate committees that may hear testimony in the next several weeks, before the full legislature reconvenes in January, said James Pepper, chair of the Cannabis Control Board.

There’s a reason to hurry: The rules must be in place in time for Vermont’s medical marijuana dispensaries to begin selling recreational pot by the May time frame established in previous legislation. That’s also when small growers, defined as operations with 1,000 square feet or less, could get their licenses and start planting.

“Whatever happens in the legislature, we need them to pass our fee bill pretty quickly,” Pepper said. “They have to deal with it sooner or later if they want us to be on time for that May 1 deadline.” [Read more at Seven Days VT]