Vermont H.502: Tax on Wholesale Cannabis Bill Summary

An act relating to the cannabis wholesale gross receipts tax

H.502 was introduced for the first time on January 4, 2022 by Representative Noyes of Wolcott

This bill proposes to tax cannabis wholesalers’ annual gross receipts over $5 million.

(a) Cannabis cultivators, wholesalers, and product manufacturers shall be subject to a cannabis wholesale gross receipts tax of five percent assessed on their annual gross receipts over $5,000,000.00 from the in-state wholesale sale of cannabis and cannabis products to a cannabis retailer or integrated licensee.
(b) Integrated licensees. Integrated licensees shall be subject to a cannabis wholesale gross receipts tax of five percent assessed on their annual gross receipts over $5,000,000.00 from the combination, as applicable, of the following in-state sales:
(1) the wholesale sale of cannabis and cannabis products to a cannabis retailer or integrated licensee; and
(2) the retail sale of cannabis and cannabis products that were not previously bought or sold at wholesale.

Summary of Vermont H.502 as introduced.

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