Two Vermont dispensaries join forces with a Canadian corporation in a $25 million deal.
Ceres Natural Remedies, a local CBD shop in Burlington, is one half of the companies involved in the merger. It will now have access to new markets throughout the US.
“Having that capital now to get behind us, to bring our brand further out into the market is really exciting for us,” Bridget Conry, Director of Brand Experience said.
Conry said there will be a 50,000 square foot expansion of CeresMed’s Milton headquarters, which will allow it to hire more employees.
“We are a team of about 50 people right now, we will be doubling that over the next year,” Conry said.
CeresMed’s services make up 70% of the state’s registered medical cannabis patients.
“And that tends to be cancer, HIV, crohn’s, glaucoma, PTSD,” Conry said.
Jene Lantigua, manages Ceres Natural Remedies in Burlington. He said many people come to the store that don’t qualify for medical treatment.
“And we have seen an increase in the last year with sleep issues and anxiety issues,” Lantigua said. “A lot of people are coming in having problems in those areas.”
Medical cannabis license holders can begin selling for recreational use in May 2022, other Vermont retailers can five months later. Conry said many people come looking for recreational cannabis.
“I think that a lot of those customers will be assessing the adult use market because a lot of people use cannabis for wellness as well as pleasure,” Conry said.
Some cannabis advocates are concerned that Vermont’s recreational market will affect small independent producers.
“What we see in other states is that large corporations have the resources to absorb loss better than small businesses,” Geoffrey Pizzutillo, Executive Director at Vermont Growers Association said. “So they can undervalue their cannabis product for a year or two without much impact to their bottom line whereas small businesses cannot do that.”
Ceres Natural Remedies carries over 15 Vermont brands in their store.