Change output layout of dropdown box items in custom field.

I’ve got a “dropdown (multiple)” field type (events custom field) where admins can select items for a particular meeting, in this case, food/menu options. They display properly on the back-end, but when showing it in my custom template as #_FIELD{custom_field_name} it is showing two pipes between each item with no space. Is there a way to change this formatting to something else? Comma separated, or perhaps a sorted or unsorted list?

For example, the backend choices show each item on a new line (as it says to do on the page) but the output on my actual event page shows as “Item 1||Item 3||Additional Item4”