Grand Rapids-based Pharmhouse Wellness Co. has exited the Western Michigan market after selling the company’s second dispensary to a California-based brand in a deal valued at $3.5 million.
The transaction had Pharmhouse founder and CEO Casey Kornoelje heeding his own advice that cannabis operators should seriously consider any opportunity to cash out and sell their businesses at a gain, especially given the highly competitive and saturated market in the state.
In a deal that closed Sept. 10, Kornoelje sold the New Buffalo Township storefront that opened in June 2024 to an affiliate of the Backpack Boyz, a California-based cannabis brand that approached him with an offer for the location…