News Business Ayr Wellness Expands Florida Marijuana Cultivation Facility Mortgage

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Ayr Wellness Boosts Florida Marijuana Cultivation Facility Mortgage

By MJBizDaily Staff | March 27, 2024

Ayr Wellness Inc., a prominent U.S. multi-state cannabis operator, has taken a significant step to enhance its Florida operations. The company announced an $8.4 million upsizing of its existing mortgage for the Gainesville cultivation facility. This move increases the principal amount of the mortgage to an impressive $48.4 million.

Investing in Growth

The decision to expand the mortgage reflects Ayr's commitment to further developing its Florida business. The additional capital will be channeled into the facility, allowing for strategic investments that enhance cultivation capabilities and overall operations.

Florida's Potential

Why Florida? Ayr's Chief Financial Officer, Brad Asher, explains: "We believe the growth opportunity in Florida is greater than any other market in the country given its population, tourism, and potential for converting to adult-use sales in the coming years." The state's favorable demographics and evolving regulatory landscape position it as a prime cannabis market.

Long-Term Vision

Ayr is forward-thinking, anticipating future transitions in adult-use markets. CEO David Goubert emphasized this during a recent earnings call. With a strong foothold in Florida's medical marijuana sector, Ayr is poised to capitalize on potential recreational legalization if voters pass a ballot measure later this year.

Financial Strength

The increased mortgage not only fuels growth but also strengthens Ayr's balance sheet. The competitive rates and extended maturity (loan matures in 2033) provide stability for the company's financial position.

Ayr Wellness trades as AYR.A on the Canadian Securities Exchange and AYRWF on over-the-counter markets.

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