Six Cookies-branded cannabis stores in Michigan are expected to close this weekend as part of marijuana multistate operator TerrAscend Corp.’s exit from the state.
The King of Prussia, Pennsylvania-headquartered company is also planning to lay off 236 employees statewide in Michigan, according to a federally mandated layoff notice shared with state officials.
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The company in June announced its intent to exit Michigan, where adult-use marijuana sales could reach as much as $3.89 billion in 2025, according to an MJBizFactbook projection.
Statewide, TerrAscend operated 20 retail stores and four cultivation and processing locations, according to public filings.
Initially, TerrAscend said it planned to sell its assets in Michigan, which company Executive Chair Jason Wild called “an extremely difficult market,” in order to raise capital
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