Marijuana multistate operator Ayr Wellness announced a deal to acquire Dispensary 33, which operates two retail cannabis stores in Chicago, for at least $55 million.

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According to a Monday news release, the $55 million price tag includes:

  • $12 million in cash.
  • $3 million in seller notes.
  • $40 million worth of Ayr shares.

An unspecified additional earnout payment will be based on financial milestones through 2022.

The acquisition will give Ayr “a presence in two of Chicago’s most desirable neighborhoods,” Jonathan Sandelman, CEO of the Miami-based company, said in the release.

The Chicago retail deal follows another Ayr acquisition in Quincy, Illinois, earlier this year in which the company will pay roughly $30 million to buy Herbal Remedies Dispensaries.

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Ayr’s release said the company also has a social equity partner that has been tapped for a retail license in Bloomington, Illinois.

“We will continue to seek opportunities to expand in Illinois,” Sandelman said.

The company recently raised about $150 million in capital after its acquisition spree this year.

Ayr, which has offices in New York and Toronto, trades on the Canadian Securities Exchange as AYR.A.