Cannabis multistate operator Ayr Wellness borrowed approximately $150 million in an additional offering of senior secured notes.

“The company completed a private placement offering of approximately $133 million aggregate principal amount of notes,” Miami-based Ayr said in a news release.


The notes were issued at a premium price to their face value, according to a company spokesperson.

The debt was issued under the same terms as Ayr’s senior secured notes announced in December 2020.

That capital raise was later increased from $75 million to $110 million.

The debt bears a 12.5% interest rate and matures in December 2024.

Solvent or Solventless? We can help.
MJBizDaily Cannabis Extraction Buyers Guide 

Get strategies and tips from expert processors on choosing cannabis extraction systems, costs, safety precautions and more. Curated by MJBizDaily.


  • How to choose between solvent-based and solventless extraction methods
  • Learn which strains are most efficient for each extraction process
  • Tips on safety precautions from design to training to protective equipment

According to the release, “as previously announced, Ayr intends to use the net proceeds from the issuance of the Notes to fund capital expenditures, including construction and improvement costs, as well as acquisitions and for general corporate purposes.”

Ayr’s acquisitions this year include assets in Illinois, Nevada, New Jersey and Pennsylvania as well as a brand of cannabis-infused seltzers and tinctures.

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