CannaKing for sale for $5 million

CannaKing owner Dennis Rogers, who opened one of the first recreational cannibus dispenseries in Roseburg, has put his business up for sale.

One of the first cannabis dispensaries to open in Roseburg is for sale for $5 million.

CannaKing, which opened three years ago as a permanent medical marijuana dispensary on Northwest Mulholland Drive has been put on the market.

It is one of six recreational dispensaries and one of three licensed to sell medical marijuana in Roseburg, according to the Oregon Liquor Control Commission.

Owner Dennis Rogers said the asking price is based on current and projected sales, and he thinks it’s fair.

“When we went from medical to recreational, we went from helping the super sick people — and we still help them — to helping everybody,” Rogers said. “In doing so, it upped our business tenfold.”

Recreational marijuana was legalized with Measure 91 in 2015, and recreational dispensaries started receiving licenses in 2016. Medical marijuana has been legal since Measure 67 passed in 1998.

According to Forbes, marijuana sales in Oregon for 2017 reached more than $775 million. That includes both medical and recreational.

According to the OLCC, the new owner will have to apply for a license and a Land Use Compatibility Statement, which shows the state the business has approval from the local jurisdiction to operate, before assuming ownership.

Rogers said CannaKing has been around in some form for six years, the first three being in the Bay Area in California.

He said his dad, who is also his business partner, wants to retire with his portion of the sale while Rogers wants to pursue new business ventures.

“I have dreams and aspirations of other things other than marijuana, and this is going to free up 12 hours of my day to go follow those dreams and aspirations,” Rogers said. “I like riding the wave of the marijuana movement and I’m thinking of going to Boston … and starting up there.”

The sale of the store includes the space in the building, existing inventory and the website. Rogers said he is going to list his marijuana farm soon for around $1.3 million. Rogers said he is confident in his business model and the possibility of replicating it in Massachusetts.

According to the OLCC website, applications for future dispensaries have been put on hold while it processes the mass of applications received before June 15.

No new applications have been processed since then, but a new owner for an existing business will have their application fast-tracked, according to an OLCC spokesperson.

“There’s only four dispensaries up there as of today, and I was thinking of parlaying what I did here and doing the exact same thing (in Boston),” Rogers said. “Oregon is a great market to be in and a great market to start in, and now that we have honed in our business template, I want to take it back east to these new fledgling markets and start one up.”

Rogers said he sees a lot of potential growth for marijuana in Douglas County because it’s limited to city’s that pass ordinances since the county prohibited it. Rogers previously made headlines while unsuccessfully running for city council multiple times and for health violations in 2015.

Janelle Polcyn can be reached at jpolcyn@nrtoday.com or 541-957-4204. Or follow her on Twitter

@JanellePolcyn.

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Business reporter

Janelle Polcyn is the business reporter at the News-Review, graduated from the University of Texas, and is a podcast enthusiast.

(3) comments

pwchoices

$5,000,000? I think he's hallucinating.

ozzyoregon

Haha, lol........ that place isn't worth $500,000.00, good luck selling it for 5 million. This is the most ridiculous thing I have ever heard. I am not surprised, this has guy has constantly made people in the industry look bad because of his unrealistic actions. He has no clue, I have been in that dispensary a few times, it is horrible. One of the worst I have been in, in the state. he must have to pay back mommy and daddy.

sectorstar

" Rogers previously made headlines while unsuccessfully running for city council multiple times and for health violations in 2015."

Well lets see, when he comments on online news review articles relating to the city council under a name that personally identifies him (name of his business and logo as display pic) about things like how the tree in front of the court house should be used as a tree to lynch the county commissioners.......I'm not sure why he was surprised no one voted for him. Considering I know the commissioners lurk around on here and sometimes comment on things as well, I'm amazed he never got any legal action taken against him. Don't get me wrong I'm not a fan or supporter of them either, but thats not the way to go about doing it.

This guy is bat s*** crazy!

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