Black-Owned Market 96 Open For Business

Fred Spencer, CEO of Market 96, during the grand opening of the dispensary in the South Loop. PHOTO PROVIDED BY MEKKY MEDIA.
Fred Spencer, CEO of Market 96, during the grand opening of the dispensary in the South Loop. PHOTO PROVIDED BY MEKKY MEDIA.

Black-Owned Market 96 Open For Business

By Tia Carol Jones

Since January 1st of 2020, cannabis has been legal in the state of Illinois. Once it became legal, Fred Spencer wanted to be part of the cannabis industry. He was given that opportunity when he connected with Blounts & Moore. Now, Spencer is the CEO of Market 96.

Market 96, which is located at 529 S. Wells, in the South Loop is the second location. The first location is in Oswego. Market 96 was founded in September of 2023 by Blounts & Moore, a collaborative of nine women who are socially conscience entrepreneurs. Sherri Blount started a cannabis business in Washington, DC and approached eight friends with the idea of starting a cannabis dispensary business. They really wanted to come into the Illinois market. Spencer, along with Blounts & Moore submitted applications for six dispensary licenses, two craft grow licenses and one transportation license. Locations are also set for Belleville and Cairo.

According to the Cannabis Regulation Oversight Office, Illinois has the most diverse cannabis industry in the nation. In the recently released Disparity and Availability Study, it showed that 59% of the dispensary licenses were issued to minority- or women-owned businesses. The study also showed that minority- or women-owned businesses held 63% of craft grower, 61% of infuser and 74% of transporter licenses in the state.

Market 96 has flowers, edibles, cartridges, lotions and creams, like most dispensaries in the state. What sets it apart is their customer service and that it is 100% minority owned.

“We believe that’s going to be a leading cause for us to be successful in this industry,” Spencer said. “It’s because our founders are nine Southern women and the focus for them is on customer service, to bring that Southern Hospitality to our dispensaries.”

When people walk into the dispensaries, Spencer said they are treated like family. The tagline for Market 96 is “Your Neighborhood Market” and the goal is for people to be treated like a neighbor. Spencer said since Market 96 opened on July 13th, business has been consistent. During the grand opening, they exceeded their sales expectations and on the pre-opening.

Spencer has heard that it looks like high end grocery stores and athletic wear stores, and even that it looks like a spa. It does feel different than a regular cannabis dispensary, with open shelving and the ability for people to pick up the packaging and read the labels. The goal there is for people to understand the products. There aren’t cases like there are in other dispensaries.

“You feel like you’re walking into a market when you come in,” Spencer said.

Market 96 has also partnered with local artisans who sell their clothing and items inside the store. The hope is those local artisans can use the store to grow their businesses. As Market 96 grows, they want to help other minority owned businesses grow, too. A big component of Market 96 is to feature a local artist. In the Oswego location, there is an interactive mural on the wall. In the South Loop location, there is a mural of Ida B. Wells. Market 96 wants to support the arts, so it will have local art in each of its locations.

“We as a 100% Black owned business, are looking to grow in the Illinois market, we know that the opportunity for success is there and we just need the doors to open for us to do so, it’s just for us to execute,” Spencer said. “We believe we have the right product, the right structure and the right team … We know that all it takes for us is time and we’ll be one of the top dispensaries within the state.”

For more information about Market 96, visit www.market-96.com.

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