The Cannabis Control Board voted on Sept. 25 to temporarily close the window for new retail and tier 2 cultivation applications.
The Board is committed to adapting to changing market conditions. At the September meeting, all three members spoke of their concern for oversaturation in the regulated cannabis market.
“We know that these have dramatic consequences, and it’s not just about whether we close this licensee type or that license type, it’s how we do it,” said Chair James Pepper.
Retail applications:
- Deadline for complete retail applications: Oct. 25, 2024.
- Retail applications that were in progress as of Sept. 25, 2024 have until Nov. 15 to complete all requirements.
Regarding retail density, Pepper said the market is currently experiencing an “unnatural distribution” in retail locations. In its most recent session, the General Assembly passed Act 166, instructing the Board to adopt rules promoting geographic distribution.
However, rulemaking is an intensive, months-long process. While it is underway, a temporary pause in new applications is a necessary interim step.
Retail applicants have until Oct. 25, 2024 to submit a new application. For applications already in progress, applicants have until Nov. 15, 2024 to complete all requirements needed for Board approval at the November meeting: a fully completed application; a certificate of occupancy, if required; and a successful site review. The Board’s licensing team will reach out to those with retail applications in process.
Cultivation applications:
- Deadline for new for Tier 2 indoor applications: Oct. 25, 2024.
- Tier 1 indoor will remain open.
- Tier 1 outdoor and mixed applications are in seasonal closure and will reopen in November as planned.
- Tier 2 outdoor and mixed applications are in seasonal closure and will not reopen in November.
Chair Pepper noted that the Vermont cannabis market is approaching a seasonal oversupply shock with the arrival of the 2024 outdoor crop, making near-term supply shortages unlikely.
Cultivation applicants have until Oct. 25, 2024 to complete all requirements needed for Board approval at the October meeting: a fully completed application; a certificate of occupancy, if required; and a successful site review. The Board’s licensing team will reach out to those with cultivation applications in process.
Tier 1 applications will remain open as part of the CCB’s effort to preserve the small-scale, craft nature of the market. Larger tiers will all remain closed to new applications while the Board and policymakers evaluate data and consider strategies for better production management and improved market access for smaller operators.
Tiers 3-5 were previously closed to new applications by the Board. All outdoor and mixed cultivation licenses are currently in seasonal closure.
Applicants and licensees with questions about this closure should contact the licensing division at [email protected].
