MIAMI, June 10, 2024 (GLOBE NEWSWIRE) — AYR Wellness Co., Ltd. (CSE: AYR.A; OTCQX: AYRWF) (“AYR” or the “Company”), a leading vertically integrated multi-state cannabis operator (“MSO”) in the United States, today announced that it has completed a triple net lease transaction in Florida with Innovative Industrial Properties, Inc. (“IIP”) (NYSE: IIPR).
Under the terms of the agreement, AYR will lease 16 acres of land in Ocala, Florida, including 145,000 square feet of industrial space, from IIP. AYR plans to redevelop a 98,000 square foot building on the land for use as a regulated cannabis cultivation facility. IIP has committed to providing AYR with up to $30 million in financing for the construction.
The transaction marks an expansion of AYR’s long-term real estate partnership with IIP: AYR previously partnered with IIP on an 11,000 square foot processing facility in Ohio.
“We are proud to once again partner with IIP to create a compelling real estate financing solution,” said Brad Asher, AYR’s chief financial officer. “Construction is expected to be completed in mid-2025, with the first harvest expected shortly thereafter. We believe there is high demand for indoor floriculture in the state of Florida within its existing $2.5 billion medical program. Additionally, the construction of this indoor facility, coupled with our 64 store locations and existing cultivation and production campus, will further position AYR to capitalize on its potential market opportunity if adult-use passes on the November ballot.”
Florida currently boasts the largest medical cannabis market in the U.S. Looking ahead to November 2024, Floridians are gearing up to vote on the potential legalization of adult-use cannabis, with a 60% vote required for passage. If the initiative is successful, existing licensed medical cannabis businesses could be given permission to expand their services to personal sales.
For more information about AYR Wellness or to locate your nearest pharmacy, please click here. Click here for details.
Forward-Looking Statements
Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target,” “expect,” “anticipate,” “believe,” “forecast,” “may,” “will,” “estimate,” “goal,” “outlook,” “intend,” “plan,” “seek,” “will,” “may,” “track,” “pace,” “should,” and similar expressions or words that suggest future results. This news release contains forward-looking information and statements regarding, among other things, AYR’s future growth plans. A number of risks and uncertainties could cause actual events or results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. These include, but are not limited to, that the anticipated strategic, operational and competitive advantages may not be realized and that a series of events, including those related to COVID-19, may cause business interruption; necessary regulatory approvals may not be obtained on a timely basis or at all; inflationary pressures may increase input costs; supply chain issues may disrupt production and distribution; scientific research on cannabis is still in its early stages and is subject to change as further research is completed. state laws may limit or prohibit interstate commerce of cannabis products; the Acquisition may not be completed on satisfactory terms or at all; AYR may be unable to raise required additional debt or equity capital. Among other things, AYR assumes that its business will operate as expected, that it will be able to complete the Acquisition on reasonable terms and that all necessary regulatory approvals will be obtained on satisfactory terms and within the expected time frame. Forward-looking estimates and assumptions involve known and unknown risks and uncertainties that may cause actual results to differ materially. Although AYR believes it has a reasonable basis for these assumptions, such estimates may not be met. These estimates represent forward-looking information. Actual results may vary and differ materially from estimates.
About AYR Wellness Inc.
AYR is a vertically integrated, multi-state U.S. cannabis business that operates simultaneously as a retailer with over 90 licensed dispensaries and as a house of cannabis CPG brands.
AYR is committed to providing quality cannabis products to our patients and customers while acting as a force for good for our team members and the communities we serve. For more information, Click here for details.
Media Contact:
Robert Vanisco
Vice President of Public Engagement
Phone: (786) 885-0397
Email: comms@ayrwellness.com
Company Contact:
John DeCourcy
Head of Investor Relations
Phone: (786) 885-0397
Email: ir@ayrwellness.com
Investor Relations Contact:
Sean Mansouri, CFA
Increase IR
Phone: (786) 885-0397
Email: ir@ayrwellness.com
