Operations of Herbal Remedies will remain unchanged pending the closing. The acquisition is subject to customary closing conditions and regulatory approvals. Both medical and recreational use are now permitted. Herbal Remedies was among the first cannabis dispensaries licensed in the State of Illinois when the State approved the Compassionate Use of Medical Cannabis Program in 2013. We look forward to working with the Herbal team as we continue to build our presence in the Illinois market,” said Jonathan Sandelman, Chairman and Chief Executive Officer of Ayr Wellness. The team at Herbal Remedies has done a tremendous job in Quincy, building a fantastic business and a strong reputation for excellent customer service and merchandising – exactly what we at Ayr Wellness look for in a partner when entering a new market. The total cannabis market in Illinois is already run-rating at $1.8 billion in annual sales, despite adult-use launching only 18 months ago. Illinois will become the eighth state in our expanding footprint, which now reaches close to 85 million people. “Today’s announcement represents the next step in our goal to position Ayr as a leading MSO, with a strong presence in states that deliver meaningful revenue.
(CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), has entered into a definitive agreement to acquire Herbal Remedies Dispensaries, LLC (“Herbal”), an operator of two licensed retail dispensaries in Illinois, adding an eighth state to its expanding national footprint. NEW YORK, J(GLOBE NEWSWIRE) - Ayr Wellness Inc. “But as of now that doesn’t matter because demand outstrips supply.Adds Eighth State to its Growing Footprint
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“The valuations for dispensaries will decline over time as eventually getting a license will be the equivalent of opening up a liquor store,” predicts cannabis investment banker Steve Earnest. With Illinois potentially ready to award 200 retail licenses and 100 more craft grow licenses in 2021, it is unclear how new entrants will impact the value of incumbent independent companies debating to sell or just keep on growing while the market is high. “Looking at the industry when it first started, compared to today, you see something very different.”Īyr, also a cannabis SPAC, is acquiring assets in states with similar regulatory frameworks as Illinois, where competition is limited and where potential buyers are plentiful, including Ohio, Pennsylvania, New Jersey, Massachusetts, Florida, Nevada, and Arizona. “Without being vertically-integrated it makes it very difficult to compete,” said Herbal Remedies co-owner Kris Wildrick, adding that she believes Ayr was the right partner in which to “pass the baton” because of their commitment to retain her staff and as well as their presence bringing a new player to the state’s highly concentrated cannabis cohort. Gold Coast and Naperville residents still iffy on pot shops The handful of remaining independently-owned cannabis operators in Illinois, some vertically integrated and some restricted to retail or cultivation, continue to be courted by multistate cannabis operators seeking access the highly regulated Illinois market that, despite movement in the awarding of social equity licenses last week, will continue to be dominated by a fortunate few for the foreseeable future. Last year, New York-based Ascend Wellness Holdings paid as much as $60 million dollars to acquire two medical dispensaries and two recreational dispensaries from Chicago-area operators Modern Cannabis and Midway Dispensary in separate transactions.
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That transaction is awaiting approval by the Illinois Department of Finance and Professional Regulation, a process that often takes several months to complete. Last April, Atlanta-based Parallel, a Special Purpose Acquisition Company led by William “Beau” Wrigley, agreed to acquire six dozen Windy City Cannabis locations for as much as $155 million in cash and equity.
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