Ayr Wellness has signed a letter of intent to promote its 4 marijuana shops in Illinois as a result of the corporate doesn’t have the size to compete over the long run.
“We’re taking a tough take a look at different markets to verify we’re prioritizing these core markets that can ship for our enterprise,” Ayr President George DeNardo mentioned Thursday through the firm’s fourth-quarter and full-year 2024 earnings name.
Requested by MJBizDaily for extra particulars on the pending sale, an organization spokesperson mentioned, “None of that data is public at the moment.”
Ayr’s determination to promote its 4 Illinois shops was first reported by Inexperienced Market Report.
The MSO will proceed to consolidate its amenities in its core markets, mentioned DeNardo, who in January was promoted from chief working officer to CEO.
Ayr started the consolidation course of in 2024 by closing a producing facility in Nevada and subleasing its unique medical marijuana cultivation and manufacturing facility in Massachusetts.
The corporate plans to shut a second cultivation facility later this month and consolidate its develop operations right into a single facility, DeNardo mentioned.
In the meantime, Ayr will greater than double its flower manufacturing when the corporate’s indoor cultivation facility in Ocala, Florida, is absolutely operational, in accordance with DeNardo.
Ayr’s shops in Florida account for about 70% of its retail community.
“This facility will complement our present Gainesville facility immediately addressing our present deficit in premium flower manufacturing, which is a extremely sought-after class by prospects,” DeNardo mentioned.
The corporate additionally is targeted on scaling its enterprise in Ohio, the place adult-use gross sales through the fourth quarter contributed “significant will increase in each retail and wholesale revenues,” DeNardo mentioned.
Ayr operates 4 adult-use shops in Ohio and plans to open a fifth retailer within the state later this month.
Shares of Ayr commerce as AYR.A on the Canadian Securities Alternate and AYRWF on the over-the-counter markets.
