Cannabis businesses dip their toes into world of franchising
Turn-key dispensary franchises may still be a ways off, but some ancillary cannabis businesses aren’t waiting for federal legalization to dip their toes into all that franchising can offer.
The legal cannabis industry is becoming big business, after all, projected to hit $20.6 billion in revenue nationwide by 2020 pending voter approval next month of adult-use legalization in five states and medical marijuana in two.
“Whether it’s frozen yogurt or senior care, the more opportunity that presents itself in any given industry the more franchising becomes involved,” said Tom Portesy, CEO of MFV Expositions, producer of Franchise Expo West, which continues through Saturday in Denver. “They seize a void and they come up with a great business model in an industry that’s growing. That’s where you find most of your success in franchised concepts.”
“Cannabis may very well take that to a whole other realm, depending on how many states, from medical as well as recreational,” he said. “The need of products and services to support the cannabis industry will become tremendous.”
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