TerrAscend Announces Plan to Exit ‘Extremely Difficult’ Michigan Market 

Multi-state cannabis company TerrAscend Corp. on Tuesday announced it is
exiting the Michigan market, planning to sell or divest the company’s
assets in the state, which include four cultivation and processing
facilities, 20 retail dispensaries, and real estate.

The company plans to use proceeds from the sales to pay down existing debt.

In a statement, TerrAscend Executive Chairman Jason Wild called the
decision “strategic” and said it followed “an extensive evaluation.”

“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.” — Wild in a press
release

The actions associated with the Michigan exit plan are expected to include
a reduction of approximately 21% of the company’s overall workforce,
TerrAscend said, which consists of about 1,200 employees as of June 30,
2025. Most of the reduction is expected to occur by the end of the third
quarter of fiscal year 2025.

Following the completion of the plan, the company will operate 19
dispensaries and four cultivation and processing facilities across five
U.S. states, including New Jersey, Maryland, Pennsylvania, Ohio and
California, along with facilities in Toronto, Ontario, Canada.

The Michigan exit is expected to be mostly completed in the second half of
this year and the company’s business in Michigan will be reported as
discontinued operations beginning with the company’s financial results for
the second quarter.