[PRESS RELEASE] – TORONTO, June 30, 2025 – TerrAscend Corp., a leading North American cannabis company, announced that it has completed a strategic review of its Michigan business operations and decided to exit the Michigan market.

As part of the exit plan, TerrAscend and its consolidated entities intend to sell or divest all of the company’s Michigan assets, including four cultivation and processing facilities, 20 retail dispensaries, and real estate. Net proceeds from the divestitures will be used to pay down existing company debt.

The Michigan exit is expected to be substantially completed in the second half of 2025. The company’s business in Michigan will be reported as discontinued operations beginning with the company’s financial results for the second quarter of 2025.

Following the completion of the Michigan exit, the company will operate 19 dispensaries and four cultivation and processing facilities across five states, including New Jersey, Maryland, Pennsylvania, Ohio and California, and in Toronto, Ontario. The strategic move is expected to meaningfully enhance TerrAscend’s financial profile. The company anticipates improvements across key metrics on a consolidated basis, including gross margin, adjusted EBITDA, and cash flow conversion, in addition to a strengthened balance sheet.

“After an extensive evaluation, we have made the strategic decision to exit the Michigan market,” TerrAscend Executive Chairman Jason Wild said. “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.”

The actions associated with the Michigan exit plan are expected to include a reduction of approximately 21% of the company’s overall workforce, which consists of about 1,200 employees as of June 30, 2025. Most of this reduction is expected to occur by the end of the third quarter of fiscal year 2025.

“We’ve become the mecca for ‘mota’…and we have to ask ourselves: Is that really what we want to be?”

By Patrick Lohmann, Source NM

More than three years after New Mexico legalized recreational marijuana, the state has become a national poster-child for recreational marijuana sales, and not in a good way, argues state Sen. Joseph Cervantes (D-Las Cruces).

“We’ve become the mecca for ‘mota’,” Cervantes said, using a slang term for marijuana common in New Mexico. “And we have to ask ourselves: Is that really what we want to be?”

He and other state lawmakers on the Legislature’s interim Courts and Criminal Justice Committee met Monday morning in Taos to discuss the proliferation of shops across the state, as well as their hopes for a new band of cannabis officers tasked with enforcing laws the Legislature enacted when it legalized recreational marijuana in April 2022.

Since legalizing cannabis, New Mexico retailers have sold about $1.7 billion combined in adult-use and medical cannabis, with the help of more than 1,600 licensed cannabis-related businesses such as retailers, testing labs and producers, according to a presentation from state Regulation and Licensing Department officials who spoke at the committee meeting.

While the industry is booming, high-profile examples of marijuana scofflaws in the state prompted lawmakers this session to pass House Bill 10, which funds the hiring and training of a new team of fully certified law enforcement officers empowered to bring criminal charges against those they suspect are lying about the source of the marijuana, exploiting their workers or altering the drug.

In the coming days, the state will advertise for a police chief in charge of the new crew of officers, according to Clay Bailey, superintendent of the New Mexico Regulation and Licensing Division. From there, they’ll hire up to six more officers.

“I really want seasoned people that know what they’re doing, [who have] dealt with drugs and things, and know what they’re getting into,” Bailey said of the new hires.

HB 10 also empowers the new officers to do more forensic accounting within the state’s system for tracking growers from seed to sale. The new hires free up inspectors to undertake audits to determine, for example, whether growers are lying about where their inventory came from or if they’re flooding the market with illegal products, Bailey said.

40 dispensaries and one grocery store

No limits exist in state law on the number of licenses that can be issued, and local jurisdictions also cannot ban cannabis dispensaries from operating, according to the Regulation and Licensing Division, though they can control how far apart they must be. Maestas suggested lawmakers change state law to grant control over licenses to towns and cities.

In Sunland Park, which borders Texas, where recreational marijuana is illegal, up to 40 cannabis retailers exist, state officials said Monday.

“This is just not healthy,” said Cervantes, whose senate district includes Sunland Park. “This is not a healthy environment for my community, for Sunland Park to have 36 [to] 40 dispensaries, one grocery store, maybe one liquor store.”

According to state data presented Monday, the town of less than 20,000 people has generated the second-highest amount of marijuana revenue in the state since April 2022. Regulators have tallied more than $127 million in recreational sales revenue from nearly 3 million transactions. Albuquerque, the highest-earning city, has generated more than $350 million.

According to a 2024 Pew Research Center study, Oklahoma has the highest number of marijuana dispensaries per capita in the country, with 36 per 100,000 residents. Cervantes estimated New Mexico to be about 30 per 100,000, which puts it far ahead of early marijuana adopters California and Colorado.

A coalition of about 100 cannabis businesses in June 2023 asked the governor to issue a pause on new licenses, saying they faced too much competition and chaos from a “flourishing” black market.

The issue has not gone away. Several lawmakers said they want to see the issue addressed in next year’s 30-day legislative session. Though budget-focused, New Mexico Gov. Michelle Lujan Grisham (D) could deem the topic germane.

“I hope you’ll ask the governor to fix what needs to be fixed,” Cervantes told the state cannabis regulators at the meeting, “and have us do that in the remaining administration in the 30-day session coming up.

The governor’s office did not immediately respond to a request for comment late Monday afternoon. However, in a town hall meeting in July in Española, the governor did acknowledge that the state needed to fix its process for licensing, in response to a resident’s complaint about the number of dispensaries.

“Expect the state to propose some restrictions,” the governor said, drawing applause, saying that the licensing “didn’t roll out the way we intended for it to roll out.”

This story was first published by Source NM.

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Photo courtesy of Chris Wallis // Side Pocket Images.

In the search of a healthier lifestyle…maybe a cannabis beverage can be added.

Millennials have lead the surge in the California sober movement, now they are embracing wellness culture, cannabis-infused beverages. The drinks are quickly becoming a go-to alternative to alcohol. But can they actually support your health—or are they more hype than help?

Cannabis drinks, especially low-dose THC and CBD seltzers or teas, promise relaxation, reduced stress, and better sleep. They offer a smoke-free, easily dosable way to consume cannabis—often infused with other wellness ingredients like adaptogens or nootropics.

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This is where microdosing comes in. Many cannabis beverages now contain just 2–5 mg of THC—enough to take the edge off without causing intoxication. For some, this low-dose approach promotes calm and better sleep without the hangover or mental fog associated with alcohol.

Still, not all drinks are created equal. Some products contain high sugar levels or unverified ingredients. It’s important to choose beverages with lab-tested THC or CBD levels and transparent labeling.

The U.S. Food and Drug Administration (FDA) has not yet approved cannabis-infused beverages for medical use, and warns that CBD and THC products may pose risks if misused—especially for people who are pregnant, breastfeeding, or taking medications. Always check with a healthcare provider before adding cannabis to your routine.

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If you are looking at trying one, look for beverages with natural ingredients, low sugar, and clear THC/CBD content. Start low, go slow, and prioritize quality over trendiness.

cannabis drinks can be part of a balanced wellness lifestyle—if used mindfully. For Millennials seeking calmer evenings, better rest, or a social buzz without booze, these drinks offer a promising, low-impact alternative.