AYR Wellness

What AYR Wellness does

AYR Wellness Inc. is a U.S. multi-state cannabis operator (MSO) headquartered in Miami, Florida. Incorporated in British Columbia as a foreign private issuer and listed on the CSE (AYR.A) and OTCQX (AYRWF), the company operates a vertically integrated platform spanning cannabis cultivation, manufacturing, wholesale distribution, and retail. As of year-end 2024, AYR operated 97 dispensaries across 7 states — Florida (67), Pennsylvania (9), Nevada (6), Ohio (5), Illinois (4), Massachusetts (3), and New Jersey (3) — serving both registered medical marijuana patients and adult-use recreational consumers in states where each is legal. The company employed approximately 2,440 personnel as of December 31, 2024.

The company's operations cover the full cannabis value chain. Cultivation is anchored by a 97,580-square-foot indoor facility in Ocala, Florida (with nearly 50,000 square feet of grow canopy, advanced LED lighting, and sustainable irrigation), supplemented by a hybrid greenhouse in Gainesville, Florida. Manufacturing is handled by the CannTech PA facility in Warrendale, Pennsylvania. AYR distributes a portfolio of proprietary consumer brands: Kynd (flower and curated cultivars), HAZE (solvent-based concentrates), Later Days (fruit-flavored vapes), and the HZ premium live rosin line launched in 2026. The Levia cannabis-infused beverage brand, originally acquired in 2022, was reacquired by its original co-founders in 2025. These brands are sold through AYR's own dispensaries and via wholesale to third-party retailers across the operating footprint.

AYR generates revenue through two primary streams: direct-to-consumer retail sales (FY 2024: $391.6 million) and wholesale distribution to third-party dispensaries (FY 2024: $72.0 million, up 28.6% year-over-year). FY 2024 total revenue was $463.6 million, essentially flat year-over-year, with Adjusted EBITDA of $100.0 million (21.6% margin) and Adjusted Gross Margin of 51.6%. However, the company is undergoing material financial restructuring: in 2025-2026, senior secured noteholders assumed effective control of core assets through Article 9 foreclosure proceedings, a public auction, and CCAA proceedings in Canada. Florida, New Jersey, and Nevada operations were transferred to Arboretum Bidco LLC (noteholder-owned) by June 2026, with Virginia operations transferred earlier alongside a $275 million exit loan facility, leaving the public parent in wind-down.

Name

AYR Wellness

Legal name

AYR Wellness Inc.

Website

https://ayrwellness.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

AYR Wellness is a vertically integrated U.S. multi-state cannabis operator running 97 dispensaries across 7 states, selling proprietary brands (Kynd, HAZE, Later Days, HZ) to medical and adult-use consumers. The company is currently restructuring with senior noteholders acquiring core assets.

Ownership category

akta.pro rank

Product category

Cannabis Products

SIC

Wholesale-Beer, Wine & Distilled Alcoholic Beverages (5180)

akta.pro primary industry

Independent/Single-Location Cannabis Dispensaries (CRANAFAE)

akta.pro secondary industries

Cannabis Dispensary + Delivery/Online Pickup (Omnichannel Retail) (CRANAFAG), Cannabis Dispensary + Ancillary Retail (Accessories, CBD/Hemp, Merchandise) (CRANAFAH)

Keywords

• Cannabis cultivation
• Retail dispensary
• Cannabis products
• Vertical integration
• Multi-state operator

Headquarters

HQ city

Miami

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Retail Cannabis Sales: Direct-to-consumer sales through company-owned dispensaries across 7 states. Revenue generated from sale of cannabis products including flower, concentrates, edibles, and beverages. Q4 2024 retail revenue was $96.1 million. FY 2024 retail revenue was $391.6 million.
2. Wholesale Cannabis Distribution: Sale of cannabis products to third-party licensed retail cannabis stores throughout operating footprint. Wholesale revenue grew 4% year-over-year with Q4 2024 wholesale revenue of $17.9 million. FY 2024 wholesale revenue was $72.0 million, up 28.6% driven by Ohio adult-use conversion and New Jersey store expansion.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

AYR Wellness is a vertically integrated U.S. multi-state cannabis operator that cultivates cannabis, manufactures branded cannabis consumer packaged goods, and sells them through its own retail dispensary chain as well as wholesale distribution to third-party licensed retailers. The company operates 97 retail stores across 7 states (Florida, Pennsylvania, Ohio, Illinois, Massachusetts, New Jersey, and Nevada) and markets proprietary brands including Kynd, HAZE, Later Days, and the HZ live rosin line.

Product overview

AYR Wellness is a vertically integrated U.S. multi-state cannabis operator offering both retail dispensary services and consumer packaged goods brands. The company operates the AYR Cannabis Dispensary retail chain (97 stores as of 2024) across 7 states, while its house of CPG brands includes Kynd (flower and cannabis products), HAZE (solvent-based concentrates), and Later Days (fruit-flavored vapes). The company also launched HZ, a premium live rosin solventless line in 2026. AYR cultivates cannabis through its Florida indoor facility and greenhouse, manufactures products through subsidiaries like CannTech PA, and distributes both through its own retail stores and to third-party retailers. The company previously owned Levia cannabis beverages (sold back to original founders in 2025). Operations span Florida, Massachusetts, Pennsylvania, Ohio, New Jersey, Nevada, Illinois, Connecticut, and Virginia (pending regulatory approval).

Differentiator

Problem solved

Functional benefit

Brands

• Kynd: Core cannabis brand featuring curated cultivars and flower products
• HAZE
• Later Days
• Levia
• HZ

Products and services

• AYR Cannabis Dispensary AYR's retail dispensary brand operating across Florida, Massachusetts, Pennsylvania, Ohio, New Jersey, Nevada, and Illinois. The company operates 97 retail stores as of 2024, offering a customer-centric experience with personalized care and diverse product selections for medical marijuana patients and adult-use consumers.
• Kynd Core cannabis consumer packaged goods brand featuring a curated library of cannabis genetics including fan favorites and new cultivars such as Purple Alien, Powdered Doughnuts, and Tiger Bomb. Products include flower, concentrates, and other cannabis products sold through AYR dispensaries and third-party retailers.
• HAZE Cannabis brand offering solvent-based concentrates including .5G 510-thread cartridges and other extract products. Part of AYR's extract portfolio alongside the newer solventless HZ line.
• Later Days Cannabis brand featuring fruit-flavored vape collections and other consumer products. Positioned as an accessible, approachable brand for various customer segments.
• HZ Live Rosin Product Line Premium live rosin product line featuring solventless extracts. Uses heat and pressure extraction to preserve terpenes and cannabinoids. Available in multiple formats including .5G 510-thread cartridges, .5G all-in-one disposables, and full-gram badder.
• Wholesale Distribution AYR distributes and markets its consumer packaged goods brands (Kynd, HAZE, Later Days) to third-party licensed retail cannabis stores throughout its operating footprint. Wholesale revenue grew 28.6% year-over-year driven by store growth in New Jersey and adult-use conversion in Ohio.
• CannTech PA Manufacturing Pennsylvania-based manufacturing subsidiary producing cannabis products including oral tinctures. Located in Warrendale, PA, the facility manufactures cannabis-infused products for the Pennsylvania medical marijuana market.

Quantifiable outcome

• 49% adjusted gross margin achieved in Q4 2024
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Tandem Tonic, Inc.minorStrategic or Co-development Partner · 26 February 2025Co-founders Kristin and Eric Rogers reacquired LEVIA cannabis beverage brand from AYR Wellness following an agreement between the parties. The Rogers had originally co-founded LEVIA in 2017 and sold it to AYR in 2022. With this transaction, Tandem Tonic became the only female-owned regulated cannabis beverage operator in the United States.

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Trulieve Cannabis: Vertically integrated U.S. multi-state cannabis operator with the largest retail footprint in Florida (similar core market to AYR) and operations across multiple states. Direct competitor for Florida dispensary share and wholesale brand placement.
• Curaleaf Holdings: Large U.S. multi-state cannabis operator with retail dispensaries, cultivation, and branded CPG products across numerous states. Overlaps with AYR in Massachusetts, New Jersey, Illinois, and Nevada.
• Green Thumb Industries: Vertically integrated cannabis MSO with retail (Rise), cultivation, and consumer brands across multiple U.S. states. Direct competitor to AYR in Florida, Illinois, Massachusetts, and New Jersey.
• Cresco Labs: Multi-state cannabis operator with retail dispensaries (Sunnyside) and branded products (High Supply, Good News). Overlaps with AYR in Florida, Illinois, Massachusetts, and Pennsylvania.
• Verano Holdings: Vertically integrated U.S. cannabis operator with retail (Zen Leaf, MUV) and proprietary brands. Direct competitor to AYR in Florida (MUV), Illinois, New Jersey, and Nevada.
• Tilray Brands: Large multi-state cannabis operator with significant Florida footprint (after Surterra acquisition) plus wholesale and branded products. Competes with AYR in Florida and across the wholesale channel.
• Jushi Holdings: Vertically integrated multi-state cannabis operator with retail (Beyond Hello) and cultivation in Pennsylvania, Illinois, Virginia, Massachusetts, and Nevada. Direct competitor in several AYR markets.
• Columbia Care (Cannabist): Multi-state cannabis operator with retail, cultivation, and branded products across the U.S. Overlaps with AYR in several states including Massachusetts and New Jersey.

Regional players

• Planet 13 Holdings: Nevada-focused vertically integrated cannabis operator with flagship Las Vegas superstore. Comparable business model and competes with AYR's Nevada operations including post-NV Green/Tahoe acquisitions.

Others

• Innovative Industrial Properties: Real estate investment trust (REIT) specializing in regulated cannabis cultivation and processing facilities. Direct financial partner to AYR via the $30M Ocala indoor cultivation financing; relevant for capital structure benchmarking.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights5 records

Customer concentration

• Xx.com/ayrwellness
• Facebookfacebook.com/Ayr-Wellness-103454418291336
• LinkedInlinkedin.com/company/ayr-wellness-inc
• Instagraminstagram.com/ayrwellness

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AYR Wellness