TerrAscend has announced plans to fully exit the Michigan cannabis market, marking a major strategic shift for the multi-state operator. The move follows a company-wide review of its operations and is expected to be completed by the second half of 2025.
As part of the exit, the company will sell or divest all Michigan assets, including four cultivation and processing facilities, 20 dispensaries, and associated real estate. Proceeds from the sales will go toward paying down debt.
The decision also comes with a significant workforce reduction. TerrAscend expects to cut about 21% of its current 1,200 employees, with most of those layoffs occurring by the end of Q3 2025.
"Michigan is an extremely difficult market," said Executive Chairman Jason Wild. "We've realized our resources can be better used in other states."
Once the exit is finalized, TerrAscend will continue operations in five U.S. states—New Jersey, Maryland, Pennsylvania, Ohio, and California,as well as in Toronto, Canada. The company will retain 19 dispensaries and four cultivation and processing sites.
For more information:
TerrAscend
terrascend.com