Ayr Strategies moves into Ohio medical cannabis market, boosts PA presence

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Ayr Strategies announced deals worth $39 million that will allow the multistate marijuana operator to enter a new market, Ohio, and expand its presence in Pennsylvania.

The company’s two transactions in Ohio are worth a total of $18.2 million and include agreements to:
  • Buy a 9,000-square-foot “operational processing facility.”
  • Acquire exclusive management rights to a cultivation license Ayr described as “the largest canopy license” in Ohio,” a 58,000-square-foot facility that’s currently under construction.

In Pennsylvania, Ayr said it signed a $20.8 million deal to buy “a leading grower-processor” with a 38,400-square-foot cultivation and extraction facility that has been “approved as operational.”

Ayr, which is based in New York and maintains operations in Toronto, also operates in Massachusetts and Nevada.

“Our strategy has always been to go deep in the best markets, targeting attractive assets in limited-license states with large populations, where we can build a vertically integrated presence and have a significant edge,” Ayr CEO Jon Sandelman said in a news release.

After the deals close, Ayr said its portfolio will include seven operating marijuana stores, nine other retail licenses and a total of 160,000 square feet of cultivation capacity with room to grow to more than 460,000 square feet.

Ayr shares trade on the Canadian Securities Exchange as AYR.A and the U.S. over-the-counter markets as AYRSF.