Vertically integrated cannabis multi-state operator Ayr Wellness Inc. AYR AYRWF has wrapped up its recently announced PA Natural Medicine, LLC acquisition.
Under the deal, the Miami-based company agreed to purchase 100% of the membership interests of PA Natural Medicine for $80 million. PA Natural Medicine operates three licensed retail dispensaries in the Keystone State.
The price tag includes $20 million in stock, $25 million in seller notes and $35 million in cash. In addition, an earn-out based on 2021 Adjusted EBITDA is payable in the first quarter of 2022.
PA Naturals has locations in the college towns of Bloomsburg and State College, as well as Selinsgrove, PA, and operates under the retail banner “Nature’s Medicine.”
By year-end, the new stores will be rebranded to “Ayr” from the existing “Nature’s Medicine” banner, the company said Monday.
“We are excited to expand our retail presence in Pennsylvania, where we’ve generated great momentum since entering the market earlier this year, in terms of the excellent reception we’ve received for both our dispensaries and our Ayr-grown premium flower,” said Jonathan Sandelman, Ayr Wellness’ founder, chairman and CEO. “With six stores now open and two additional dispensary openings anticipated by year-end, and one of the largest cultivation and production footprints in the state, we expect Pennsylvania to be a major contributor to our growth in 2022 and beyond.”
Last month, Ayr Wellness announced it had entered into a definitive agreement to acquire Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers and water-soluble tinctures, for $20 million in cash and stock, ahead of its debut in New Jersey via the acquisition of GSD NJ, LLC, which is doing business as Garden State Dispensary.
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Price Action
Ayr Wellness’s shares traded 2.22% lower at $25.50 per share at the time of writing, Monday morning.
Photo: Courtesy of Savvas Stavrinos from Pexels
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