The parent company of several cannabis brands heralded the end of Michigan’s marijuana boom when it announced it has pulled out of the state. TerrAscend Corp. announced in July that it would lay off 236 employees, ceasing all operations in Michigan.
The company operates the following dispensaries in the state, all of which will close on or after Aug. 31, according to a WARN notice:
- Cookies: Ann Arbor, Detroit, Jackson, Kalamazoo and Oxford.
- Gage: Adrian, Battle Creek, Burton, Detroit, Ferndale, Grand Rapids, Kalamazoo, Lansing and Traverse City.
- Lemonnade: Center Line.
- Pinnacle Emporium: Addison, Buchanan, Camden, Edmore and Morenci.
Company officials said they intended to sell all of the company assets in the state to pay down existing debt.
“Michigan is an extremely difficult market and we have come to the realization that our resources can be better utilized in our other markets,” Jason Wild, the company’s executive chairman said in a statement. “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.”
“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.”
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