Needless to say, the marijuana debate has left a major impact on the East Coast of the United States of America. Since the little green plant has started to pick up speed, several states along the Atlantic seaboard have started to vote in favor of this mind-altering herb and the positive results continue to amaze members of the cannabis community. As Massachusetts prepares to set up the first eastern legal marijuana shop (on this side of the Rockies), the State of Vermont is also dominating as a New England powerhouse (along with Maine and Massachusetts). While the Green Mountain State does not allow public consumption, it has still taken great measures to make sure the plant is controlled for civilian safety. Now, it appears that Vermont lawmakers are taking another step for this cause. Let’s take a closer look at how a Vermont panel is preparing to propose a 26% tax rate on the sale of this drug.
Montpelier Plan
At this time, the Subcommittee on Taxation and Regulation is planning to present a 90-page report to Governor Phil Scott’s Marijuana Advisory Commission sometime in December. As part of this plan, the State of Vermont would issue a 26-27% tax rate on all sales of marijuana. In total, this tax rate would include a 20% retail excise tax, 6% state sales tax, and a 1% local option tax. So what is the point of this proposal?
The Proof Is in the Pot
According to reports from officials, prices for legal marijuana in the State of Vermont should be set at a rate that is competitive to prices in the illegal cannabis market. As officials have also pointed out, other U.S. states that have officially legalized recreational marijuana use have experienced a boom in total state revenue, despite the fact that prices for pot products have been steadily declining. Soon, leaders are going to present this proposition to the public to gain feedback before the document is submitted to Governor Scott for approval.
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