Ayr Wellness Receives Key Massachusetts Regulatory Approval for Adult-Use Sales in Somerville, Subject to Municipal Approval; Ayr Announces Approval for Phase 1 of Milford Cultivation Expansion
MIAMI, Aug. 11, 2022 (GLOBE NEWSWIRE) — Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator, announced that the Massachusetts Cannabis Control Commission (“CCC” or the “Commission”) has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The Company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022.
Ayr continues to make substantial progress in Massachusetts, where we’ve already opened two new adult-use dispensaries this summer, in Boston’s Back Bay and Watertown. Now, with approval to add adult-use to our long-standing Somerville medical dispensary, we anticipate having three adult-use stores in premier locations throughout Greater Boston, once local municipal conditions are met.
Jonathan Sandelman, Founder and CEO of Ayr
Ayr has made serving as a Force for Good a priority throughout the Massachusetts area, and our team looks forward to furthering this commitment and continuing to enact positive change in Somerville.
“At our Milford cultivation campus, we are using a phased approach to operationalizing our expansion,” he continued. “This approach allows Ayr to support its new adult-use stores with additional high-quality flower options, as well as serving the broader wholesale market with its unique branded offerings.”
Sira Naturals executed a Host Community Agreement (“HCA”) with the City of Somerville in November 2020, shortly after The Company executed two additional HCAs in the Greater Boston area in October 2020 for retail locations in Back Bay and the City of Watertown. The addition of adult-use in Somerville is subject to the simultaneous opening of an Economic Empowerment licensed dispensary in Somerville, per local regulation.
Massachusetts’ legal cannabis market ranks 7th in the nation by total sales, per BDSA, and generated a total $1.6 billion in revenue in 2021. BDSA expects the Massachusetts legal cannabis market to generate $2.3 billion per year by 2026.
About Ayr Wellness Inc.
Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator. Based on the belief that everything starts with the quality of the plant, the Company’s mission is to cultivate the finest quality cannabis at scale and deliver remarkable experiences to its customers every day.
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 serve. For more information, please visit www.ayrwellness.com.