Pinconning-based Pincanna has shuttered its 135,000-square-foot grow facility and a dispensary on the same property off of Interstate 75 in Bay County. It previously shuttered its four other dispensaries in Kalamazoo, East Lansing, Kalkaska and Mount Pleasant.
Founder and owner Rob Nusbaum told Crain’s the market simply didn’t produce profits.
“Although we commenced operations very well capitalized, the persistent and monumental decline in the price of cannabis, and the apparent absence of any foreseeable change in market conditions, have caused us to consistently operate at a financial loss,” Nusbaum said in a statement to Crain’s. “We foresee no reasonable path to sustained profitability and, as a result, we were forced to conclude that we could no longer continue to sustain our business.”
The grow facility is currently on the market for $8.65 million, or about $64.30 per square foot. Southfield-based brokerage house Signature Associates Inc. is marketing the property.
The six-year old building sits on 25 acres just west of I-75 and has a more than 44,000-square-foot canopy greenhouse and a 10,000-square-foot lab.
The company is also seeking to sell or lease the 3,300-square-foot dispensary, built on the property in 2024, with an asking price of $850,000.
Pincanna’s cultivation and processing equipment is also going up for auction through Livonia auction house Maynard Group of Companies on March 19.
Robert Levy, president of the auction house, said he expects from 800 to 1,000 lots in the auction.
