Marijuana multistate operator TerrAscend Corp. is pulling out of the Michigan market after completing a review of its business operations in the state.
The company, which has offices in New York and Toronto, plans to sell or divest all of its Michigan assets, including four cultivation and processing facilities, 20 retail stores and real estate, according to a Monday news release.
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TerrAscend said in the release it expects its exit from Michigan to be completed in the second half of 2025.
The move will result in the loss of roughly 250 employees from its 1,200-member team.
Proceeds from the sales of the company’s Michigan assets will be used to pay down debt.
In October, TerrAscend announced it had withdrawn $26 million from
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