Multi-state cannabis operator TerrAscend said it has completed a strategic review of its Michigan business operations and decided to exit the market.
As part of the exit plan, TerrAscend and its consolidated entities intend to sell or divest all of the company’s Michigan assets, including four cultivation and processing facilities, 20 retail dispensaries, and real estate.
The actions associated with the Michigan exit plan are expected to include a reduction of approximately 21% of the ompany’s overall workforce, which consists of about 1,200 employees as of June 30, 2025. Most of this reduction is expected to occur by the end of the third quarter of fiscal year 2025.
The Michigan exit is expected to be substantially completed in the second half of 2025, at which point it will be reported as discontinued operations.
Following the completion of the Michigan exit, the company will operate 19 dispensaries and four cultivation and processing facilities across five states, including New Jersey, Maryland, Pennsylvania, Ohio, and California, and in Toronto, Ontario.
“After an extensive evaluation, we have made the strategic decision to exit the Michigan market,” said Jason Wild, Executive Chairman of TerrAscend. “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.”
