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.