Cannabis consumption lounge plans national expansion
- from the Franchise Wire Editorial staff
Bud’s Place Franchising, LLC, (Bud’s) a start-up franchisor of social cannabis consumption lounges, announced a Collaboration Agreement with Status Group International Corporation (SGIC). Under this Agreement, SGIC will help Bud’s accelerate its growth and ultimately aid in its expansion worldwide.
“We are excited about this collaboration and expect it to have major, positive effects on our launch and our future growth and profitability,” says Ron Silberstein, co-founder and President of Bud’s. “SGIC and its CEO, Allan Goldner, have a history of success in franchising and in helping build companies. Allan, a former executive and multi-unit franchisee of Domino’s, brings years of top-level franchise experience to the Bud’s team and we look forward to working with him and his staff to build Bud’s into the dominant brand in consumption lounges. The agreement focuses on both our short-term and long-term growth and incentivizes them to help make it happen.”
This is a right time, right place franchise concept that is poised to dominate the market, and we can help them do exactly that.Allan Goldner
“We love Bud’s Place concept and its multiple revenue streams and believe this model is just what the emerging consumption lounge industry is looking for,” says Goldner. “Bud’s has put together a great management team with the necessary experience in franchising, food and beverage, real estate, and, of course, cannabis. We are confident that we can help with capital raises, finding high-quality franchisees, putting in place a best-in-class franchise sales process, and help with domestic and international expansion. This is a right time, right place franchise concept that is poised to dominate the market, and we can help them do exactly that.”
Anticipating a need for a safe, clean and fun place to enjoy cannabis, entrepreneurs Ron Silberstein and Mark Cohen created the BYO cannabis consumption lounge franchise. “In the same way people like to go out for drinks despite the fact that they can enjoy alcohol at home, people will want a place to go out and smoke,” says Silberstein. “There’s a huge social aspect to cannabis.”
Silberstein also points out that Bud’s Place will be a haven for people who are on the road. “We are anticipating a lot of tourists and business travelers,” he says. “Bud’s Place is more than just a spot to smoke or eat. It’s a destination.”
Cohen and Silberstein describe Bud’s Place as a high-end consumption lounge. “We’re going after an upscale clientele with disposable income,” says Cohen. Bud’s Place customers are 21 and over, which provides for the largest demographic base of diverse cannabis users. Customers include all ages, all genders, all ethnicities and all backgrounds.
With a motto of “High. Quality. Fun.,” Bud’s Place offers a combination of food, beverages, and entertainment. When they launched the franchise, Cohen and Silberstein formed a partnership with fast-casual franchisor Samantha Rincone, the founder and CEO of Crave Hot Dogs and Barbeque. Every Bud’s Place will include specific menu items from Crave.
Bud’s Place locations include a stage for live entertainment in the form of music, cooking demonstrations, guest speakers, comedians and book and poetry readings. There are also VIP rooms and special/private events.
As recreational marijuana becomes legal across the country, Cohen says the demand for cannabis consumption lounges like Bud’s Place will only increase.