Ayr Wellness Inc. Stock Price, News & Analysis

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has signed a Definitive Agreement to sell its Arizona assets, including three dispensaries and cultivation facilities, to AZ Goat, LLC for $20 million in cash.

This transaction will eliminate approximately $15 million in long-term lease liabilities and reduce Ayr's long-term debt by $22.5 million. The sale is expected to close in H1 2023, pending regulatory approvals. Ayr is also pursuing option agreements to acquire two medical marijuana dispensaries in Ohio, enhancing its market presence in the state.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) is set to host its second "Changing Legacies" event series on February 25-26, 2023, across Connecticut, Massachusetts, New Jersey, New York, and Pennsylvania. This initiative aims to expunge records of individuals with past cannabis convictions, addressing the impacts of the War on Drugs. Ayr's Corporate Social Responsibility program partners with organizations such as Blaze Responsibly and Cannabis Noire to provide legal assistance and support services at the clinics. These events reflect Ayr’s commitment to restorative justice and helping communities disproportionately affected by cannabis prohibition.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has announced the termination of its proposed acquisition of Gentle Ventures, LLC, known as Dispensary 33, which operates two retail dispensaries in Chicago, Illinois. The mutual decision comes as both parties acknowledged significant changes in the cannabis market since the agreement was made 15 months ago. Ayr will avoid the previously announced purchase consideration of $55 million, including $12 million in cash and $40 million in stock. Ayr's focus will now shift to optimizing its business and enhancing revenue and cash flow in key markets.

Ayr Wellness, a leading U.S. multi-state cannabis operator, has opened two new retail locations in Florida, one in Tarpon Springs and another in Orlando. The Tarpon Springs store occupies 3,470 sq. ft. and is strategically located in a residential area, while the Orlando location features 4,800 sq. ft. near major attractions. Ayr aims to build on its 2022 growth in Florida, where over 778,000 registered patients participated in the medical marijuana program, generating $2.4 billion in sales in 2022. Both stores will offer Ayr's national brands and a unique sensory experience with a 'bud bar.'

Ayr Wellness (CSE: AYR.A, OTCQX: AYRWF) announced its second annual '12 Days of Giving' campaign, running until December 16, 2022. The initiative aims to raise $100,000 through a $1.12 donation per transaction at Ayr-owned retail locations. Funds will support families affected by cannabis prohibition through partnerships with Freedom Grow and the Minorities for Medical Marijuana Project Clean Slate initiative. This campaign is part of Ayr’s commitment to social responsibility and advocacy for those impacted by drug-related offenses.

Ayr Wellness, a leading multi-state cannabis operator, has rebranded its three New Jersey retail locations, previously known as Garden State Dispensary, to AYR dispensaries. Since acquiring the dispensary in September 2021, the company has improved product offerings and launched adult-use sales in 2022. The New Jersey stores, located in Woodbridge, Union, and Eatontown, serve a population of 3.4 million. The company aims to enhance customer relationships while expanding its footprint, with plans to transition Florida stores by Spring 2023. New Jersey is projected to generate $2.3 billion in cannabis sales by 2026.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has launched adult-use cannabis sales at its Somerville, MA retail location, complementing its existing medical cannabis offerings. This dispensary is strategically located in a densely populated area, enhancing accessibility for consumers. The company aims to expand its market presence while maintaining a commitment to community service and social justice initiatives. Ayr's CEO expressed enthusiasm for serving both medical and recreational users, reaffirming the company’s commitment to positive community impact.

Ayr Wellness reported a 24% year-over-year revenue increase to $119.6 million for Q3 2022, alongside a 10% sequential rise in adjusted EBITDA to $21.7 million. The operating loss improved by 17% sequentially. Ayr expanded its retail presence, opening new dispensaries in Massachusetts and Florida, and launched several new products. Management expressed confidence in future growth, highlighting plans for further acquisitions and new store openings in 2023. The company maintains a cash balance of $100.8 million as of September 30, 2022.

Ayr Wellness conducted a survey revealing that 70% of cannabis consumers plan to purchase enough cannabis for sharing during the holidays. Despite rising inflation, 24% of respondents expect to spend $100 or more on cannabis for Thanksgiving. The survey, which included over 1,600 Americans, shows a rising trend in cannabis consumption, with 90% planning to buy the same amount or more than usual. Additionally, 65% of respondents indicated they would choose cannabis over alcohol during celebrations.