Multistate hashish operator Trulieve Hashish Corp. on Thursday introduced plans to “wind down” its operations in Massachusetts. The corporate mentioned the transfer is a part of its broader plan to “protect money and enhance monetary efficiency.”
Since mid-2022, Trulieve has additionally shut down a few of its California property, exited the Nevada wholesale market, and idled a few of its manufacturing capability “to match client demand throughout a number of markets.”
The corporate mentioned it will shut its dispensaries in Framingham, Northampton, and Worcester by June 30 and would finish all its operations in Massachusetts by the top of the yr.
In a press release, Trulieve CEO Kim Rivers described the measures as “troublesome however mandatory” and a part of the corporate’s “ongoing efforts to bolster enterprise resilience” and its “dedication to money preservation” as the corporate continues to deal with its “enterprise technique of going deep in our core markets and jettisoning non-contributive property.”
“We stay absolutely assured in our strategic place and the long-term prospects for the business.” — Rivers in a press release
Trulieve beforehand closed its retail places in Palm Springs, Venice, and Grover Seaside California. As soon as it ends its Massachusetts operations, Trulieve shall be operational in 10 states.
The corporate mentioned it “continues to guage the efficiency of property and markets inside the present macroeconomic atmosphere and can take extra steps as wanted to optimize the enterprise” and “is targeted on money preservation and money technology whereas persevering with to make focused investments in retail enlargement in addition to superior knowledge and expertise platforms to set the muse for a future outlined by built-in commerce.”
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