TerrAscend Exits Michigan Market; Bay City–Burton Dispensaries to Close

LOS ANGELES -TerrAscend Corp., a publicly traded multi-state cannabis operator, announced plans to exit its Michigan operations by September 2025. The decision includes closing 20 retail outlets, including dispensaries in Bay City and Burton, along with four cultivation and processing centers. Approximately 250 employees across the state are expected to lose their positions.

In a statement, Executive Chairman Jason Wild described Michigan as “an extremely difficult market” and said the company will redirect resources to its core operations in New Jersey, Maryland, Pennsylvania, and Ohio. He added that streamlining would enhance financial performance, margins, and operational efficiency.

The company’s Michigan footprint, which includes both Gage Cannabis and Cookies-branded stores, represents about half of its total U.S. retail presence. Although outlets will remain open with reduced hours, closures are expected within the next three to six months.

Despite significant consumer demand, Michigan’s cannabis market has seen intense competition and oversupply, leading to sharply reduced wholesale prices and squeezed profit margins. As a result, other large operators—including PharmaCann and Curaleaf—also recently scaled back or exited their Michigan operations.

TerrAscend plans to sell its Michigan assets, including real estate, and use proceeds to pay down debt and support its focus on higher-growth markets. Analysts see Michigan’s exit as a strategic pivot intended to stabilize the company’s balance sheet.