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Market 96 CEO Fred Spencer (right) and Kynd Corporate Responsibility Executive exchange stories about their progress in the cannabis industry at the 2024 Black CannaBiz Expo.
Chicago, IL – July 2024
Fred Spencer, a Hyde Park native with deep roots in the South Side of Chicago, is making waves as the CEO of Market 96, a burgeoning dispensary brand that recently opened its second Illinois location in the South Loop. Spencer's journey from a finance professional and entrepreneur to a trailblazer in the cannabis industry is not just a testament to his visionary leadership but also a reflection of his commitment to family, community, and social equity.
Growing up as the eldest of six siblings, Fred Spencer has always felt a strong sense of responsibility to set a positive example. "Life is going to change us," says Spencer, "but the path we choose defines who we become. I want my siblings, and everyone from my community, to see that success is within reach if we are willing to work for it." This drive to be a positive influence has shaped his career and continues to inspire his work at Market 96.
Breaking into the Cannabis Industry: A Vision Realized
Since cannabis became legal in Illinois in 2020, Spencer has been determined to carve out a name for himself in this fast-growing industry. He applied for the Illinois Cannabis Social Equity Loan Program, which aims to connect individuals from communities disproportionately impacted by cannabis-related arrests to opportunities within the legal market. Partnering with the innovative team at Blounts&Moore, Spencer joined Market 96 in 2022 as CFO/COO. His leadership and strategic vision were quickly recognized, leading to his promotion to CEO during a critical period of expansion for the dispensary.
Spencer's first major project as CEO was the opening of Market 96's South Loop location at 529 S Wells St earlier this month. The dispensary, which originally launched in Oswego in 2023, is known for its Southern-inspired hospitality and commitment to social equity. Under Spencer's leadership, Market 96 is not just another cannabis store—it's a community hub where customers feel welcomed, valued, and supported in their cannabis journey.
A New Dispensary Model: Celebrating Chicago’s Culture and Diversity
Fred Spencer’s vision for Market 96 goes beyond just selling cannabis products. He is passionate about creating a dispensary model that celebrates Chicago's rich culture, supports the arts, and fosters a sense of community. "We’re not just here to do business," says Spencer. "We’re here to make a difference. That means supporting local artists, embracing the diversity of our city, and ensuring that our success benefits the entire community."
This commitment to community is at the heart of Market 96’s mission. Spencer has been instrumental in ensuring that the brand's Southern hospitality roots are reflected in every aspect of the customer experience. Whether it’s through the welcoming environment of the dispensary or the company’s active involvement in local social equity initiatives, Market 96 is dedicated to making a positive impact.
Expanding the Market 96 Legacy
With the South Loop location up and running, Fred Spencer is looking ahead to the future. Market 96 has ambitious plans to expand across Illinois, with new locations set to open in Belleville by the end of 2024 and Cairo the following year. Additionally, two more locations are planned for the Chicagoland area, further solidifying Market 96’s presence in the state.
Spencer’s leadership is not only driving the company’s growth but also setting a new standard for what a cannabis dispensary can be. His background in finance, real estate, and brand marketing has equipped him with the skills needed to navigate the complexities of the cannabis industry while staying true to the values that matter most: family, community, and equity.
A Commitment to Education, Diversity, and Equity
As Market 96 continues to grow, Fred Spencer remains focused on education, diversity, and equity within the cannabis industry. He believes that by providing opportunities for growth and development, both for his team and the wider community, Market 96 can be a force for positive change. "We’re not just expanding a business; we’re building a legacy," says Spencer. "One that my siblings, my community, and future generations can be proud of."
