Ayr's New Jersey Acquisition: The Toronto-based company confirmed it's purchasing the membership interests in the New Jersey-based operator Garden State Dispensary NJ LLC for an upfront payment of $101 million.
Pursuant to the deal, Ayr will obtain three open dispensaries, as well as cultivation and production facilities spanning 30,000 square feet, with an additional 75,000 square feet under construction.
The purchase is comprised of $41 million in cash, $30 million in stock, and $30 million in the form of a promissory note, the company said.
"Our strategy has always been to go deep in the best markets, targeting attractive assets in limited-license states with large populations, where we can build a vertically integrated presence and have a significant edge," Ayr's Chairman and CEO Jonathan Sandelman said in a statement.
"2021 will be a year of material growth for Ayr in the adult-use market," he said.