King of Prussia, Pennsylvania-based TerrAscend, a cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan, and California, and a retail operation in Ohio, has announced a restructuring, including an exit from the Michigan market, including four cultivation and processing facilities, twenty retail dispensaries, and real estate.
This restructuring and reduction in force will impact approximately 21% of the Company’s workforce, an estimated 252 Michigan employees. Most of the layoffs are expected to occur by the end of the fourth quarter of fiscal year 2025.
According to Executive Chairman Jason Wild, “Michigan is an extremely difficult market, and we have come to the realization that our resources can be better utilized in our other markets. This move will unlock value for TerrAscend and its shareholders. By concentrating our efforts and resources in the company’s core northeastern U.S. markets — New Jersey, Maryland, Pennsylvania and Ohio — I am confident that we are now positioned to deliver stronger financial performance, including improved margins and operational efficiencies.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?