Ayr Strategies (OTCMKTS:AYRSF) has continued to enhance its expansion with the addition of growing and processing facilities in Ohio, effectively bringing its operations to four states.
The company also added a grower-processor in Pennsylvania as it deepens its presence in the market. Factoring pending transactions, Ayr will now have operations in Ohio, Nevada, Massachusetts, and Pennsylvania.
Ayr expanding its operations to become a multistate operator
Jon Sandelman, the CEO and chairman of Ayr, said that the transactions and the expanded presence in four key states put the company among the leading multistate cannabis operators in the US. This will enable the company to generate substantial value for its shareholders. Sandelman added that they are looking forward to expanding presence in Pennsylvania and Ohio, the two marijuana markets poised for huge growth.
In Ohio, the company signed an agreement to acquire or/and manage growing and processing facilities, with the transactions costing $18.2 million in total. Ayr entered a definitive purchase agreement in Ohio for the acquisition of an operational processing facility. Simultaneously, the company signed a non-binding agreement about exclusive management rights over a level one cultivation license in the state. These are the initial steps the company is taking towards establishing a vertically integrated enterprise in Ohio. The growing facility of around 58,000 square feet is currently under constriction, while the 9,000 square feet processing facility is operational.
Ayr following on its early expansion to Pennsylvania with more acquisition
Following the company’s initial expansion to Pennsylvania, Ayr has also entered an agreement to acquire a growing and processing facility. The company will make the acquisitions for a total consideration of $20 million, which includes $16.7 million in cash and $2 million in seller notes, and $2.1 million in shares. Ayr will acquire a cultivation and extraction facility sitting on 38,400 square feet of space to expand capacity to 74,000 square feet.
Sandelman said that Ayr’s strategy is to lead markets and target attractive assets in states with huge populations.
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