Multistate cannabis operator Trulieve Cannabis Corp. on Thursday announced plans to “wind down” its operations in Massachusetts. The company said the move is part of its broader plan to “preserve cash and improve financial performance.”
Since mid-2022, Trulieve has also shut down some of its California assets, exited the Nevada wholesale market, and idled some of its production capacity “to match consumer demand across multiple markets.”
The company said it would close its dispensaries in Framingham, Northampton, and Worcester by June 30 and would end all its operations in Massachusetts by the end of the year.
In a press release, Trulieve CEO Kim Rivers described the measures as “difficult but necessary” and part of the company’s “ongoing efforts to bolster business resilience” and its “commitment to cash preservation” as the company continues to focus on its “business strategy of going deep in our core markets and jettisoning non-contributive assets.”
“We remain fully confident in our strategic position and the long-term prospects for the industry.” — Rivers in a statement
Trulieve previously closed its retail locations in Palm Springs, Venice, and Grover Beach California. Once it ends its Massachusetts operations, Trulieve will be operational in 10 states.
The company said it “continues to evaluate the performance of assets and markets within the current macroeconomic environment and will take additional steps as needed to optimize the business” and “is focused on cash preservation and cash generation while continuing to make targeted investments in retail expansion as well as advanced data and technology platforms to set the foundation for a future defined by integrated commerce.”
Get daily cannabis business news updates. Subscribe