Denver-based One Cannabis is planning to open 50 locations in the US state of Colorado within the next 30 months.

The company has entered five franchise agreements with a group of investors in Colorado, as part of its expansion plans.

Under these agreements, the retailer will open the first two locations in Denver over the next six months, marking the company’s entry in the state.

One Cannabis CEO Christian Hageseth said: “We are seeing strong interest in the One Cannabis franchise opportunity from all over the nation, with deals in the works in several states.

“While this momentum is exciting, securing our first franchise agreements in our home market is an amazing feeling.”

“We are seeing strong interest in the One Cannabis franchise opportunity from all over the nation.”

Currently operating more than 500 cannabis dispensaries, the company intends to partner with independent marijuana retailers to open locations in the state.

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It is also looking for entrepreneurs with a dispensary licence across the country to expand its footprint further.

Hageseth added: “Cannabis business owners face a variety of challenges that other parts of the economy don’t face – the federal government still says marijuana is illegal, there are a lack of banking options as well as a tangle of local regulations that make finding real estate especially tough.”

According to Hageseth, the company plans to offer support for entrepreneurs who are looking for franchising opportunity, to secure a site and a bank account for new stores.