What’s going on with Ayr Wellness?
Ayr Wellness Inc. (AYRWF) stock was slightly down after the Canadian vertically integrated cannabis company announced that Massachusetts Cannabis Control Commission has issued a provisional license to Sira Naturals, Ayr’s local partner, to sell adult-use cannabis at the planned Boylston Street dispensary. Shares of AYRWF were trading 0.96% lower, at $26.85 per share, on Friday afternoon.
The license cleared a regulatory hurdle for Ayr, which can now build the 4,500-square-foot dispensary — its first in the Greater Boston area. The flagship store, located at 829 Boylston Street, will be situated in the heart of Boston's Back Bay and next to the Apple Store and across from the Prudential Center.
What does this mean for AYRWF?
Ayr achieved a major milestone with Sira Naturals’ provisional license, because it means the company will be able to set up shop in one of Boston’s busiest and most popular neighborhoods.
“Despite being home to 60% of the state’s population, the Greater Boston Area has been underserved in access to adult-use cannabis,” said Jonathan Sandelman, CEO of Ayr. “As cultivators of wellness and creators of wonder, we are excited to help change that and bring more of our high-quality cannabis offerings to the City of Boston.”
Ayr continues to work closely with the Massachusetts' cannabis regulator to gain final approval for two other locations. The regulator also renewed Sira’s three Media Marijuana Treatment Center licenses, each of which covers cultivation, product manufacturing, and retail for medical marijuana. The renewed licenses were related to Sira’s Somerville, Watertown and Needham dispensary locations.
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AYR Strategies Inc is a vertically-integrated cannabis multi-state operator (MSO) with a portfolio of companies in the western and eastern U.S. The firm is a cultivator, manufacturer, and retailer of cannabis products and branded cannabis packaged goods.