According to data from the Agency of Administration that came out last week, sales of cannabis in Vermont reached $5.7 million in January. The sales of cannabis brought in more than $1 million in tax money for the state.
Vermont got $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 “fill in” any shortfalls in the Cannabis Control Board’s budget. After that, 70% of the money goes to the state’s general fund and 30% goes to programs that help people stop using drugs. Sales taxes from cannabis are used to pay for education programs after school and during the summer.
About 40 stores in the state have been given licenses to sell cannabis, as reported by Ganjapreneur.
The Joint Fiscal Office of the state legislature estimated that cannabis-related taxes would bring in between $3.3 million and $9.1 million per year. This is the same as between $275,000 and $758,000 per month from excise taxes.