Los Angeles, California – TerrAscend Corp., one of North America’s leading cannabis companies, announced this week it will exit the Michigan market entirely, divesting its 20 retail dispensaries, four cultivation and processing facilities, and related real estate. The decision, while geographically focused, reflects a broader instability facing the legal cannabis industry—even in states like California, where use is widespread and long-legalized.
The company’s exit, expected to be completed by late 2025, will result in a 21% reduction in its workforce of 1,200 employees. TerrAscend leadership framed the decision as a strategic reallocation of resources, citing Michigan’s market as “extremely difficult” and pledging to concentrate on more profitable areas like New Jersey, Pennsylvania, and California.
But California’s inclusion in that list raises a question: if the legal cannabis market here is still considered a core region for investment, why is the industry in apparent decline?…