Cannabis sales in Vermont reached $5.7 million in January, according to Agency of Administration data released last week. The state collected more than $1 million in tax revenues from cannabis sales.
Vermont collected $799,102 from the 14% excise tax on cannabis sales and $342,472 from the state’s regular 6% sales tax. Under the state’s adult-use law, cannabis excise tax revenues are used to “backfill” any deficit in the Cannabis Control Board’s budget and, after that, 70% is sent to the state’s general fund with 30% earmarked for substance misuse and prevention programs. Cannabis-derived sales taxes are used for after-school and summer education programs.
There are currently about 40 licensed cannabis retailers in the state.
The state legislature’s Joint Fiscal Office estimated that annual cannabis-derived taxes would range from $3.3 million to $9.1 million, according to a Seven Days report, which equates to monthly excise tax revenues between $275,000 and $758,000.
The Cannabis Control Board projects the state will make about $16 million from the cannabis excise tax in its first full fiscal year, WCAX reports. According to state data outlined by Heady Vermont, retail cannabis sales surpassed $6 million last year.
