Ayr Strategies AYR AYRSF confirmed Thursday that it has expanded its cultivation and processing capacities by acquiring some assets in Ohio and Pennsylvania.
The Toronto-based company opted to debut in Ohio by purchasing an operational processing facility it also agreed to manage.
In addition, the Ohio-based cultivation facility spanning 58,000 square feet is in the build-out phase.
Ayr agreed to pay US$18.2 million in exchange. The price tag includes $10.2 million of cash and $8 million in convertible seller notes.
The company also welcomed Pennsylvania’s grower-processor to its portfolio.
It agreed to buy the 38,400 square feet cultivation and extraction facility with an option to expand to 74,000 square feet for $20.8 million, including $16.7 million in cash, $2.1 million in stock, and $2.0 million in seller notes.
“We look forward to further expanding our presence in Pennsylvania and into Ohio – two robust cannabis markets poised for significant growth,” noted Jon Sandelman, chairman and CEO.
In addition, Ayr is operating in two additional states, including Massachusetts and Nevada.
Once acquisitions are finalized, the company would have access to over 35 million people.
“These transactions and our expanded presence in four key cannabis markets places Ayr squarely among the top multi-state operators in the U.S., and enables us to generate significant value for our shareholders,” added Sandelman.
Meantime, Ayr recently shook up its leadership team by welcoming Glenn Isaacson to its board of directors and hiring Megan Kulick to helm Investor Relations and Karen Rinaldi to oversee Human Resources.
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