TerrAscend Announces Plan to Exit ‘Extremely Difficult’ Michigan Market – Ganjapreneur | Where to buy Skittles Moonrock online
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The multi-state cannabis operator TerrAscend Corp. has announced it is exiting the “extremely difficult” Michigan cannabis market, planning to sell or divest its assets in the state.
Full story after the jump.
Multi-state cannabis company TerrAscend Corp. on Tuesday announced it is exiting the Michigan market, planning to sell or divest the company’s assets in the state, which include four cultivation and processing facilities, 20 retail dispensaries, and real estate.
The company plans to use proceeds from the sales to pay down existing debt.
In a statement, TerrAscend Executive Chairman Jason Wild called the decision “strategic” and said it followed “an extensive evaluation.”
“Michigan is an extremely difficult market, and we have come to the realization that our resources can be better utilized in our other markets. This move will unlock value for TerrAscend and its shareholders. By concentrating our efforts and resources in the company’s core northeastern U.S. markets – New Jersey, Maryland, Pennsylvania and Ohio – I am confident that we are now positioned to deliver stronger financial performance, including improved margins and operational efficiencies.” — Wild in a press release
The actions associated with the Michigan exit plan are expected to include a reduction of approximately 21% of the company’s overall workforce, TerrAscend said, which consists of about 1,200 employees as of June 30, 2025. Most of the reduction is expected to occur by the end of the third quarter of fiscal year 2025.
Following the completion of the plan, the company will operate 19 dispensaries and four cultivation and processing facilities across five U.S. states, including New Jersey, Maryland, Pennsylvania, Ohio and California, along with facilities in Toronto, Ontario, Canada.
The Michigan exit is expected to be mostly completed in the second half of this year and the company’s business in Michigan will be reported as discontinued operations beginning with the company’s financial results for the second quarter.
TG joined Ganjapreneur in 2014 as a news writer and began hosting the Ganjapreneur podcast in 2016. He is based in upstate New York, where he also teaches media studies at a local university. More by TG Branfalt
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