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Ayr Wellness CEO sees gold in future adult-use marijuana markets

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David Goubert, CEO of multistate operator Ayr Wellness, told investors and analysts that the Miami-based company is positioned better than its competitors to capitalize on future adult-use marijuana markets.

“With only 15 of Ayr’s 91 retail stores operating in adult-use markets today, we believe Ayr has the highest relative exposure of any MSO to the recreational opportunities on the horizon in Ohio, Florida and Pennsylvania,” Goubert said during an earnings call Wednesday.

Ayr operates three medical marijuana dispensaries in Ohio, which is set to issue its first adult-use business licenses in September.

Existing medical cannabis operators that successfully apply for licenses will be permitted to sell to adult-use consumers.

Ayr also operates 64 MMJ dispensaries in Florida, where voters will decide whether to legalize adult-use marijuana in the November general election.

In fourth-quarter 2023 and year-end results shared Wednesday, Ayr reported full-year revenue of $463.6 million, a 10% increase from 2022 revenue of $421.4 million.

Goubert attributed the gains to retail growth in Florida and wholesale growth in New Jersey, where Ayr made its first wholesale transaction in the third quarter of 2022.

He added that the company expects to expand its wholesale business in Massachusetts, New Jersey and Ohio this year.

Fourth-quarter 2023 revenue was $114.8 million, a 0.4% increase from the fourth-quarter 2022 revenue of $114.3 million.

Ayr’s total net loss for 2023 was $279.5 million, and its net loss for the quarter ended Dec. 31 was $30.3 million.

In February, Ayr completed a debt extension that retired or deferred nearly $400 million of debt.

Kate Lavin, the editorial director of MJBizDaily, can be reached at kate.lavin@mjbizdaily.com.



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