Ascend Wellness Shuts Down Lansing Cultivation Facility

LANSING – In a move that reflects ongoing adjustments in Michigan’s Cannabis sector, Ascend Wellness Holdings is shutting down operations at its Lansing cultivation site. The decision comes after a fire late last year and amid broader market pressures that have challenged many operators.

Operations set to end by June 26. The company notified state officials of plans to lay off 94 workers, including cultivators, packagers, and maintenance staff. The closure follows a fire on December 25 that officials determined was accidental and started by a grow light. Ascend initially described the shutdown as a temporary pause for repairs and remediation.

Michigan’s Cannabis industry has faced a supply glut for some time. State data has shown large inventories of flower at growers, processors, and retailers, which has driven down wholesale and retail prices. The average retail price for an ounce of recreational flower fell to $58.20 in December 2025, down from $69.20 a year earlier and $95.08 in December 2023 – a collapse that has squeezed cultivators across the board. A new 24% wholesale tax that took effect this year has added another layer of cost pressure.

On the financial side, Ascend reported $500.6 million in net revenue for the full year 2025, with Q1 2026 revenue of $116.9 million and adjusted EBITDA of $26.3 million for that quarter. Wholesale revenue contributed $33.8 million. The company maintains $85.7 million in cash with no significant debt maturities until 2029, insulating the company from the kind of acute pressure smaller operators face, though the Lansing disruption still represents a real operational setback. However, for the 94 workers walking away from Hazel Street this summer, the fine print of corporate balance sheets offers little comfort.

This closure is one of several signs that operators are reassessing cultivation assets in a market where efficiency and cost control have become critical. Many vertically integrated companies initially saw growing as a hedge, but persistent oversupply has changed the economics for some facilities.