Ayr Wellness to enter infused cannabis product market via $20M acquisition

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Marijuana multistate operator Ayr Wellness said it agreed to purchase Cultivauna, which makes the Levia brand of cannabis-infused seltzers and tinctures.

According to a news release, Ayr intends to purchase 100% of the equity in Boston-based Cultivauna for $20 million, including $10 million in cash and the rest in stock.

An additional $40 million will be paid in shares based on performance in 2022 and 2023.

“Infused beverages, done right, will be game changing to the mainstreaming of cannabis in the U.S.,” said Jonathan Sandelman, CEO of Ayr Wellness, which has offices in New York and Toronto.

This is the latest in a growing number of acquisitions for Ayr, including the purchase of llinois-based Herbal Remedies Dispensaries for approximately $30 million and the $17 million purchase of two Nevada cannabis businesses.