Vermont is seeing a surge in its cannabis industry with 400 licensed growers and over 100 retail outlets spread across the state. The regulators are currently in the process of determining the next steps for this booming sector. This growth has led to a competitive marketplace, especially in cities like Montpelier and Barre, where numerous cannabis shops have opened up in a short span of time.
John Benjamins, the owner of Winterland Haze in Montpelier, is facing challenges in a market that he thought could support multiple weed purveyors. Despite offering products from small growers at competitive prices, Benjamins is struggling to meet his sales targets due to the cutthroat competition in the industry. The state’s experiment with legal weed is attracting cannapreneurs looking to capitalize on the market, but the saturation of retailers is causing a decline in consumer demand.
The Vermont Cannabis Control Board has halted the issuance of new licenses for both retailers and growers as they analyze the supply and demand dynamics in the state. This pause has sparked mixed reactions, with some growers opposing the moratorium while some retailers welcome the break in new competition. The board is considering new rules to ensure a balanced market and prevent oversaturation in certain areas, taking into account factors like regional population and market needs. The future of Vermont’s cannabis industry remains uncertain as stakeholders navigate the complexities of a rapidly evolving market.
