Meaning

noun an authorization to sell a company's goods or services in a particular place

noun a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area

noun a statutory right or privilege granted to a person or group by a government (especially the rights of citizenship and the right to vote)

originFrom Middle English franchisen, fraunchisen, from Old French franchir (stem franchiss-, “to set free”), from franc (“free”). More at frank.

Etymology from Wiktionary, CC BY-SA 3.0