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TerrAscend Exits Michigan Cannabis Market, Cutting 240 Jobs
One of the leading cannabis companies in the U.S., TerrAscend Corp, has announced its decision to withdraw from the Michigan market in a major restructuring move. The company, which owns several prominent cannabis brands like Gage, Cookies, State Flower, and Valhalla, revealed plans to sell or divest all of its Michigan assets by the end of 2025.
TerrAscend currently operates 20 retail dispensaries across Michigan, including multiple locations in West Michigan, as well as four cultivation and processing facilities. The company's exit from the state marks a significant shift in strategy, as it looks to pay down debt and focus resources on more profitable markets.
"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."
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