Welcome to our dedicated page for Ayr Wellness news (Ticker: AYRWF), a resource for investors and traders seeking the latest updates and insights on Ayr Wellness stock.
AYR Wellness Inc. (AYRWF) is a vertically integrated cannabis operator with multi-state retail dispensaries and proprietary cannabis products. This page serves as the definitive source for official company announcements and market-relevant developments.
Investors and industry observers will find curated press releases covering regulatory milestones, earnings reports, and retail expansions. Our aggregation ensures efficient tracking of operational updates across AYR's cultivation, manufacturing, and distribution networks.
Content spans licensing achievements, product portfolio enhancements, and compliance initiatives critical to understanding this cannabis operator's positioning. Bookmark this resource for streamlined monitoring of AYR's progress in evolving markets.
AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator, has announced significant changes in its leadership. Jonathan Sandelman, who has served on the board since 2017, has resigned from his positions as director and executive chairman, effective July 31, 2024. The board of directors has appointed Louis Karger as the new chairman of the board. This management shift marks a notable transition for AYR Wellness, as the company moves forward under new leadership. The outgoing chairman's contributions in establishing the company's current form have been acknowledged, with the new chairman expressing gratitude for Sandelman's years of service.
AYR Wellness, a prominent U.S. multi-state cannabis operator, will host a conference call on August 7, 2024, at 8:00 a.m. ET to discuss its Q2 2024 financial results. The call will be led by CEO David Goubert and CFO Brad Asher. The company will release its financial results prior to the call. Investors can dial in toll-free at (844) 763-8274 or internationally at (647) 484-8814 using Conference ID 10190621. A webcast will be available, and a replay will be accessible until September 7, 2024.
AYR Cannabis Dispensary, a subsidiary of AYR Wellness, has expanded its footprint in Illinois with the opening of its third retail location in the state and its 92nd nationwide. The new dispensary, located in Hometown, Illinois, near Chicago Midway International Airport, began serving adult-use consumers on June 25, 2024.
The Hometown dispensary spans approximately 4,200 square feet and features eight point-of-sale registers, ample parking, and is conveniently located near public transportation and popular local restaurants.
This expansion reflects AYR's commitment to enhancing the Illinois cannabis market and follows the recent rebranding of its Quincy dispensaries. AYR also plans to open another dispensary in Illinois later this summer.
AYR Wellness has announced the completion of a triple-net lease agreement with Innovative Industrial Properties to expand its indoor cannabis cultivation in Florida. The deal includes a 16-acre property with 145,000 square feet of industrial space, where AYR plans to redevelop a 98,000 square foot building into a cannabis cultivation facility. IIP will fund AYR up to $30 million for this construction. The project is expected to be completed by mid-2025, with the first harvest anticipated soon after. This expansion leverages Florida's $2.5 billion medical cannabis market and positions AYR for potential growth if adult-use cannabis is legalized in November 2024.
AYR Wellness (OTCQX: AYRWF) has announced a partnership with the iconic Kowloon Restaurant to launch a edition LEVIA Kowloon Mai Tai THC-infused seltzer. The beverage, paying homage to Kowloon's famous Mai Tai cocktail, will be available starting June 1, 2024, at AYR dispensaries and other retailers in Greater Boston. To celebrate the launch, AYR will host an event on June 1 at its Watertown dispensary, where guests can sample non-infused versions of the beverage. Another event will follow on June 14 at Kowloon Restaurant. The collaboration aims to offer a unique cannabis beverage experience and cater to the growing demand for cannabis-infused drinks.
AYR Wellness reported its Q1 2024 financial results, showcasing a 3% quarter-over-quarter revenue growth to $118.0 million, excluding discontinued operations. The company's operating loss improved to $2.0 million, and adjusted EBITDA increased by over 10% year-over-year to $29.1 million with a 25% margin. AYR also generated free cash flow and anticipates maintaining this for the full fiscal year. Key highlights include the launch of kynd premium edibles, opening a new dispensary in Tallahassee, and restructuring $400 million in debt. The company projects flat to modest revenue growth for Q2 2024 and stronger growth in the latter half of the year, maintaining an adjusted EBITDA margin of approximately 25%.
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