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Cannabis Control Board outlines budget shortfall, market trends and retail siting pause
Summary
The Cannabis Control Board told the House Appropriations Committee it is not seeking additional Budget Adjustment Act appropriations but forecasted a structural gap between fee revenue and its FY25 budget and described regulatory steps to address retail clustering and advertising litigation risks.
The Cannabis Control Board told the Vermont House Appropriations Committee on Jan. 17 that it is not seeking a Budget Adjustment Act appropriation but that the agency expects a persistent shortfall between fee revenue and its operating budget.
"We do not have a BAA ask or request, but to hear about our budget," James Pepper, chair of the Cannabis Control Board, told the committee. Pepper and Executive Director Olga Fitch briefed members on revenue sources, license counts and market trends influencing the fund that supports board operations.
The board’s operating budget for fiscal 2025 is just over $6 million, Pepper said; fee and administrative-penalty revenue and license fees together are projected at about $2.8 million for FY25. In FY24, board fees were roughly $2.25 million and the 14% excise tax on retail cannabis sales produced about $17.4 million in FY24, with taxable sales estimated near $125 million the same year. The board said a 6% retail sales tax is fully earmarked for the Agency of Education and is not…
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