An excessive 92% tax that was being applied to cannabis vape products is set to be lifted as of July 1st, 2023. The update is the result of the recently passed Vermont Budget Adjustment Act. Cannabis retailers struggled to make money selling the products due to this high wholesale tax. Lawmakers acted to adjust the language to ensure that cannabis and hemp are exempt. However, the hardware that is used to vaporize the cannabis will still be subject to the tax. The tax on vapes was originally passed in 2019 as a measure to prevent the youth use of vape products but ended up impacting the recreational cannabis industry which started adult use sales on October 1, 2022.
Find the full story from Heady Vermont on their website here: https://headyvermont.com/2023/03/22/cannabis-and-hemp-to-be-exempted-from-92-wholesale-vape-tax/
