Ayr Wellness Moves to Definitive Agreement to Acquire Garden State Dispensary (New Jersey) Expected Closing in Third Quarter 2021 – Financial Post
TORONTO, March 29, 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), has entered into a Definitive Agreement (the “Purchase Agreement”) with GSD NJ, LLC, a licensed operator in New Jersey doing business as Garden State Dispensary (“GSD”), following the Letter of Intent previously announced on December 22, 2020.
Pursuant to the Purchase Agreement, Ayr will purchase 100% of the equity interests of GSD, one of the 12 existing vertical license holders in the State of New Jersey and one of the state’s original six alternative treatment centers (ATCs). GSD has three open dispensaries, the largest retail footprint of any operator, at heavily trafficked highway locations throughout the central region of the state, as well as a 30,000 sq. ft. facility that houses the existing cultivation and production facilities in operation. An additional 75,000 sq. ft. is currently under construction. GSD currently employs 110 people, all of whom are expected to be retained by Ayr.
“With its recent adoption of adult-use, New Jersey will be a leading force in the Northeast cannabis market. We look forward to serving the Garden State’s medical cannabis patients and