Vermont legalized medical cannabis in 2004, though under very strict regulations. Currently, only five licenses are active in the state, and there are only four dispensaries operating in the state. Should the application process reopen, here is everything you will need to know to open a cannabis dispensary.
Legalization in Vermont
The first attempt to legalize medical cannabis happened in 2004, when the Vermont General Assembly passed S. 76, An Act Relating to Marijuana Use by Persons with Severe Illness.
A law was then passed in 2014 to loosen the restrictions on patients who could qualify for medical cannabis. As of right now, the state will not legalize recreational cannabis via voter initiative per state law. However, should the state legislature come up with an acceptable set of regulations, it is believed that state lawmakers will legalize it.
How Many Cannabis Businesses are Operating?
As of right now, there are four medical cannabis dispensaries operating in the state of Vermont. The application window is currently closed, but this can always change.
What Are My Expected Profits?
Currently, there are around 4,500 medical cannabis users in Vermont, according to the Department of Public Safety. Medical cannabis sales in 2016 reached 7.6 million dollars and are then projected to rise to $13.5 million by 2021. Also, by 2021, cannabis sales are expected to reach $51.5 million should adult use, aka recreational cannabis become legal.
As of right now, the state of Vermont is not accepting anymore business licenses, but of course this is always subject to change.
As always, you should be familiar with all of the rules and regulations of your state, and of course make sure that you adhere to them.
As of right now, there is only one type of license available, that is the one for dispensaries. This license does cover more than you think. It enables the holder to grow, manufacture, deliver, and/or sell cannabis
The following breaks down everything you’ll need to know about the financial requirements for opening a dispensary in Vermont.
Application fees for businesses:
- Dispensary application fee: $ 2,500
- Registered Caregiver Application Fee: $50
- Initial Dispensary registration fee: $ 20,000
- Renewal Dispensary registration fee: $ 25,000
What are My Expected Profits?
.Cannabusinesses throughout the United States typically can make anywhere from 50 thousand to millions of dollars annually.
Vermont is not currently allowing any new applications, but however when new applications are being accepted, you should allow a year or more to get all of your affairs in order.
The following companies will help you with everything you need to know about opening and operating a cannabis business in Vermont, as well as acquiring a license.
- Green Rush Consulting
- Canna Advisors
- Medicine Man Technologies
- Comprehensive Cannabis Consulting
- Quantum 9 Inc.