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AYR Wellness Upsizes Florida Cultivation Facility Mortgage

The company closed on an $8.4 million upsizing for its cannabis cultivation facility in Gainesville.

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MIAMI, March 26, 2024 – PRESS RELEASE – AYR Wellness Inc., a leading vertically integrated U.S. multistate cannabis operator, announced that it has closed on an $8.4 million upsizing of its existing mortgage for its Gainesville, Fla., cultivation facility, increasing the principal amount of the mortgage to $48.4 million.

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Proceeds will be used to invest further in the facility and the company’s Florida business, as well as for general working capital purposes. Aside from the upsizing, there were no other changes to the terms of the mortgage, including the interest rate or the maturity date in 2033.

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“This upsizing further strengthens our balance sheet with additional capital at competitive rates and longer-term maturity,” AYR Wellness Chief Financial Officer Brad Asher said. “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.”

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