Ayr Wellness (CSE: AYR.A) (OTCQX: AYRWF) Investor Dashboard

Ayr Wellness
CSE Ticker: AYR.A
Market Focus: United States
Classification: Vertically Integrated
Country: United States
Employees: 2,800+ as of 11/22
Established: 12/31/17
CEO: Jonathan Sandelman


Fiscal Year-End: December
Auditor: Marcum
Exchanges: CSE, OTCQX
Sector:  Consumer Staples
State operations: 8
Headquarters: New York City

Financials (09/30/22)

Cash on hand: $100.8 million
Fixed Investment: $315.4 million
Shareholders’ Equity: $979.8 million
Revenues – Last Quarter: $119.6 million
Gross Margin : 41.4%
EPS : -$0.52

Capital Structure (11/10/22)

Last Financing: 4.6 million shares at C$34.25
Shares: 69.1 million
Warrants: 2.9 million
Options:  0.2 million
Diluted Shares: 79.5 million

Company Brief

Ayr Wellness (Follow Company) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. With anchor operations in Massachusetts and Nevada and with entry into Pennsylvania, Ohio and Arizona through acquisitions, the company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. The company has also expanded into the Florida market with the acquisition of Liberty Health Sciences, and it has a footprint in New Jersey and Illinois.

The company has a focus on limited-license and highly populated states. It has a robust pipeline of expansion opportunities by virtue of being the acquire of choice.

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Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch.


  • One of the most profitable MSOs
  • Operations in Florida, Massachusetts, Nevada, Pennsylvania, Arizona, Ohio, New Jersey and Illinois
  • 79 open dispensaries and 18 cultivation and production facilities online
  • #1 share in MA according to BDS in flower, vapes and concentrates
  • The most productive dispensaries in NV, with average annual revenue of $4,700/sf
  • Expanding operations with pending acquisitions in Illinois
  • 570+ active wholesale partner accounts
  • CPG brand portfolio including products across flower, concentrates, edibles, beverages and vapes

Growth Strategy

  • Patient and disciplined M&A focused on clustering in adjacent states
  • Capitalize on markets converting from medical to adult-use
  • Entrance into the Pennsylvania market with the 100% acquisition of Pennsylvania grower-processor; acquisitions of CannTech and PA Natural Medicine solidify entry into Pennsylvania market
  • Closed the acquisition of vertically integrated operator Oasis in Arizona
  • Closed on the acquisitions of Parma Wellness Center and Ohio Medical Solutions in Ohio; initial construction plans for 25,000 square feet of canopy, and a 9,000 square foot processing facility.
  • Entrance into the beverage category with the acquisition of infused seltzer operator Levia


  • Focus on institutional business practices, controls and transparency
  • Selective and deep market penetration rather than broad and shallow
  • A leadership team with proven experience in highly regulated industries
  • Improving yield and quality through incremental, high-impact projects
  • 40% market capture
  • Proprietary library with 160+ active strains
  • Targeting ~$800 million in revenue for 2022

Institutional Analyst Coverage

Matt McGinley

Bobby Burleson
Canaccord Genuity

Pablo Zuanic
Cantor Fitzgerald

Scott Fortune
Roth Capital Partners

Greg Gibas
Northland Capital Markets

Curated Stories & News

Visit Ayr Wellness, Inc.
at www.ayrwellness.com.

New Cannabis Ventures in partnership with due diligence platform 420Investor, is the definitive source for fact-based, data-driven, financial information and relevant company news for qualified publicly traded cannabis companies. NCV extracts and parses only the most important content. Information is provided “as is” and solely for informational purposes, not for trading or advice. Ayr Wellness, Inc. (formerly Ayr Strategies), is a client of NCV Media, LLC. Read our full disclaimer.