Vermont officials say the state has collected $329,231 in tax revenue in the nearly two months
Vermont officials say the state has collected $329,231 in tax revenue in the nearly two months since the state’s retail cannabis marketplace opened, a sign the industry is already having an economic impact. In addition to the state’s 6% sales tax, cannabis businesses also collect an additional 14% excise tax and it’s that additional revenue that accounts for sales from October and November. Despite a slow start in October with only a handful of shops open, Nellie Marvel with the Vermont Cannabis Control Board says it is where they expected to be. “Those numbers are actually right on track with our projected numbers from our financial model,” she said. The state now has two dozen stores and Marvel says they are expecting tax dollars to steadily increase. “The number of retailers that are open, and the price of cannabis, of course, is a function of the number of cultivators that are licensed, the size of their harvest — and the state’s tourism numbers.” They say the first full fiscal year — beginning next summer — could net the state upward of $16 million. But Governor Phil Scott is downplaying the potential economic impact. “We shouldn’t count on the revenue to any great extent,” he said. However, retailers are already seeing a steady number of customers. Retailers say they only expect sales to increase but adds that competition will likely get stronger as more stores open their doors.