Ayr Wellness completes acquisition for the management of Parma Wellness Center, LLC
TORONTO, Ontario, March 30, 2021 (GLOBE NEWSWIRE) – Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr”, “Ayr Wellness”, “we”, “us”, “our”) or the “Company”), a vertically integrated cannabis multi-state operator (MSO), announced today that it has completed the purchase of 100% of the membership interests in the management company of Parma Wellness Center, LLC (Ohio) and its affiliates has real estate.
The total cash purchase price of $ 17 million will be allocated as $ 13 million for the Manager’s shares and $ 4 million for real estate. The company expects to invest $ 20 million to complete the construction of the facility and anticipate it will be operational in the first quarter of 2022.
Parma has a preliminary level 1 medical marijuana cultivation license in Ohio with initial blueprints for 25,000 square feet of canopy in a 58,000 square foot building. Upon completion and completion of the first phase of the Level 1 cultivation facility expansion, Ohio law allows Ayr the flexibility to expand the canopy space, subject to approval by the Ohio Department of Commerce.
We are very excited to be entering the Ohio market at an early stage in its development. The Ohio medical program is expanding, and we are now the management company for one of only 19 Level 1 cultivation licenses – the state’s largest canopy license – for a population of nearly 12 million people. We look forward to bringing Ayr’s high quality cannabis products to the medical cannabis patients in Ohio.
Jonathan Sandelman, CEO of Ayr Wellness
About Ayr Wellness Inc.
Ayr is an expanding vertically integrated US multi-state cannabis operator focused on delivering the highest quality cannabis products and customer experience across its entire footprint. Based on the belief that it all starts with the quality of the plant, the company focuses on superior cultivation in order to grow superior branded cannabis products. Ayr strives to enrich the daily consumer experience through the wellbeing and wonders of cannabis.
Ayr’s leadership team brings a proven track record of growing successful businesses through disciplined operational and financial management, and is committed to creating a positive impact on customers, employees and the communities they touch. More information is available at www.ayrwellness.com.
Head of Investor Relations
T: (646) 977-7914
Investor Relations Contact:
Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
T: (949) 574-3860
Original press release
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