
There isn't a treatment worth paying for. A canker that has girdled more than about half the trunk circumference is structural, not cosmetic. Small branch cankers can be pruned out; trunk cankers usually can't.
Prune out affected branches in dry weather, well below the canker.
Common on stressed honey locust and on trees with mower or string-trimmer damage at the base — which is a genuinely avoidable cause.