Ayr Wellness to Expand in Pennsylvania with $80 Million Dispensary… – New Cannabis Ventures
Ayr Wellness Enters Agreement to Acquire PA Natural Medicine, LLC
Adds Three Dispensaries to Growing PA Footprint
NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) — Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), has entered into a binding letter of intent to acquire PA Natural Medicine, LLC (“PA Natural”), an operator of three licensed retail dispensaries, deepening Ayr’s presence in the rapidly growing medical market in the Commonwealth of Pennsylvania.
Our goal across our footprint is to develop scale and meaningful presence in each of our markets. Today’s announcement builds on our already strong position in Pennsylvania, where we have built a tremendous foundation since entering the state just a few months ago. Our three Ayr Wellness stores, open an average of less than six months, are run-rating at over $7 million in annualized revenue per dispensary and our cultivation facilities are producing some of the best reviewed flower in the state.
Jonathan Sandelman, Ayr Wellness Founder, Chairman and CEO
With such great momentum in this market, we are expanding our retail presence with the acquisition