AYR Wellness Secures Real Estate Financing for Florida Indoor Cultivation
10 Junho 2024 - 8:30AM
AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“AYR” or the
“Company”), a leading vertically integrated U.S. multi-state
cannabis operator (“MSO”), today announced the closing of a
triple-net lease transaction with Innovative Industrial Properties,
Inc. ("IIP") (NYSE: IIPR) in the State of Florida.
Under the terms of the agreement, AYR is leasing
a 16-acre property comprising of 145,000 square feet of industrial
space in Ocala, Florida from IIP. AYR plans to redevelop a 98,000
square foot building within the property to serve as a regulated
cannabis cultivation facility. IIP has committed to funding AYR up
to $30.0 million for the construction.
This transaction marks an expansion of AYR’s
long-term real estate partnership with IIP. AYR previously
partnered with IIP on an 11,000 square foot processing facility in
Ohio.
“We are proud to partner once again with IIP to
create an attractive real estate financing solution,” said Brad
Asher, Chief Financial Officer of AYR. “We estimate that
construction will be complete in mid-2025, with the first harvest
expected shortly thereafter. We believe there is strong demand for
indoor flower in Florida within the existing $2.5 billion medical
program. Additionally, if adult-use passes in the November ballot
initiative, the construction of this indoor facility, coupled with
our 64-store footprint and existing cultivation and production
campus, further enhances AYR’s position to capitalize on that
potential market opportunity.”
Florida currently boasts the largest market for
medical-use cannabis in the United States. Looking ahead to
November 2024, Floridians are poised to vote on the potential
legalization of adult-use cannabis, requiring a 60% approval for
passage. Should this initiative succeed, existing licensed medical
cannabis operators could be granted authorization to extend their
services to personal use sales.
For more information about AYR Wellness or to
locate your nearest dispensary, please visit
www.ayrwellness.com.
Forward-Looking
StatementsCertain information contained in this news
release may be forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements are often,
but not always, identified by the use of words such as “target”,
“expect”, “anticipate”, “believe”, “foresee”, “could”, “would”,
“estimate”, “goal”, “outlook”, “intend”, “plan”, “seek”, “will”,
“may”, “tracking”, “pacing” and “should” and similar expressions or
words suggesting future outcomes. This news release includes
forward-looking information and statements pertaining to, among
other things, AYR’s future growth plans. Numerous risks and
uncertainties could cause the actual events and results to differ
materially from the estimates, beliefs and assumptions expressed or
implied in the forward-looking statements, including, but not
limited to: anticipated strategic, operational and competitive
benefits may not be realized; events or series of events, including
in connection with COVID-19, may cause business interruptions;
required regulatory approvals may not be obtained in a timely
manner or at all; inflationary pressures may increase input costs;
supply chain issues may hamper production and distribution;
scientific research regarding cannabis is still in its early stages
and is subject to change as further research is completed; state
laws may restrict or prevent inter-state commerce in cannabis
products; acquisitions may not be able to be completed on
satisfactory terms or at all; and AYR may not be able to raise
needed additional debt or equity capital. Among other things, AYR
has assumed that its businesses will operate as anticipated, that
it will be able to complete acquisitions on reasonable terms, and
that all required regulatory approvals will be obtained on
satisfactory terms and within expected time frames. Forward-looking
estimates and assumptions involve known and unknown risks and
uncertainties that may cause actual results to differ materially.
While AYR believes there is a reasonable basis for these
assumptions, such estimates may not be met. These estimates
represent forward-looking information. Actual results may vary and
differ materially from the estimates.
About AYR Wellness Inc.AYR is a vertically
integrated, U.S. multi-state cannabis business. The Company
operates simultaneously as a retailer with 90+ licensed
dispensaries and a house of cannabis CPG brands.
AYR is committed to delivering high-quality cannabis products to
its patients and customers while acting as a Force for Good for its
team members and the communities that the Company serves. For more
information, please visit www.ayrwellness.com.
Media Contact:Robert VaniskoVP,
Public EngagementT: (786) 885-0397Email: comms@ayrwellness.com
Company Contact:Jon
DeCourceyHead of Investor RelationsT: (786) 885-0397Email:
ir@ayrwellness.com
Investor Relations Contact:Sean
Mansouri, CFAElevate IRT: (786) 885-0397Email:
ir@ayrwellness.com
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