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A new bill would create a regulated marijuana market in Vermont.

The legislation, introduced by Rep. Sam Young, D-Glover, would complement a bill that would legalize possession of small amounts of pot.

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Young believes “having a regulated market is a safer approach,” especially as nearby states, including Massachusetts, establish regulated markets.

About a dozen other lawmakers have signed on as co-sponsors. The legislation will likely be released later this week.

Under Young’s proposal, the market would favor small-scale growers over large-scale operations. Pot sales would be regulated by the Agency of Agriculture, Food and Markets.

Young says he wants to “bring the black market into the regulated market.”

“Have it small scale so nobody’s getting rich but it can provide a potential source of income for somebody’s small farm,” Young said.

The bill allows cultivation at three different scales: cooperatives, craft cultivation and commercial, which would range between 1,000 square feet and 10,000 square feet. Wholesalers, retailers and labs would also be licensed. It would allow edible marijuana products, with restrictions.

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Individuals can only hold one license for each kind, and there would be a residency requirement for the majority of ownership to be in-state.

The bill would establish a 10 percent retail tax on marijuana and a 2.5 percent local tax on marijuana, in addition to a wholesale tax of 15 percent when the product is transferred to the retailer.

Revenues would pay for the costs of regulating the marijuana market, including enforcement. Any excess money would be transferred to the General Fund.

Young said the bill is unlikely to move through the House this year, “but maybe this biennium would be a reasonable timeframe.“ He is hopeful that portions of the bill could be pulled out and used as appropriate.

Gov. Phil Scott has said he doesn’t oppose legalization, but he doesn’t believe the time is right.

“I think we’re kind of in an environment with the governor where we gotta cross all the T’s and dot all the I’s,” Young said.

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