Six Michigan-based cookie-branded cannabis stores are expected to close this weekend as part of the withdrawal of marijuana Toda operator Terrascend Corp.
King Pennsylvania also plans to rule 236 employees in Michigan, according to a federal mandatory layoff notice shared with state officials.
According to MJBIZFACTBOOK’s forecast, the company announced in June that it intends to withdraw from Michigan, and sales of adult marijuana use may reach $3.89 billion in 2025.
According to public documents, Terrascend operates 20 retail stores, four planting and processing locations in statewide Terrascend.
Initially, Terrascend said it planned to sell its assets in Michigan, which the company’s executive chairman Jason Wild called it an “extremely difficult market” to raise funds to pay off debts.
In the filing, the company calls competition and price compression caused by oversupply as a Michigan-specific challenge.
Earlier this month, buyers were not mentioned in the most recent quarterly earnings statement.
As Mlive reports, cookie brand marijuana stores in the following cities will be closed.
- Ann Arbor
- Detroit
- Jackson
- Karamazu
- Oxford
A lemonade brand store, considered the broader family of cookies, will also be close to the centerline.
Terrascend will also close 14 other stores under the Gage Cannabis and Pinnacle Emporium brands.
Cookies do not own their own store, but license their intellectual property to other companies.
The individually owned cookie brand marijuana store in Great Falls is still open.
Founded by musician and entrepreneur Berner, San Francisco core cookies are considered by many to be the most famous brand in the legal cannabis industry.
But biscuit shops in San Francisco and Oakland also succumbed to the pressures of the legal cannabis industry and closed their doors.
