Grand Rapids cannabis dispensary Fluresh will remain open after its employees pitched a plan to save the floundering operation.
The retail shop at Phillips and Hall streets was slated to close as the company’s parent, Tend. Harvest. Cultivate., had defaulted on its loans and completed a massive financial restructuring that included shedding $110 million in debt and $5 million in new capitalization.
The Grand Rapids retail location generated below $200,000 a month in revenue and was a money-loser, CEO Brandon Kanitz told Crain’s. When it opened in 2020, the dispensary was clearing $1.5 million per month, but continued to drop under price compression and new competition in the city, Kanitz said…