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MIAMI,
March 26, 2024 – PRESS RELEASE –
AYR Wellness Inc., a leading vertically integrated
U.S. multistate cannabis operator, announced that it has closed on an
$8.4 million upsizing of its existing mortgage for its Gainesville, Fla.,
cultivation facility, increasing the principal amount of the mortgage to $48.4
million.
Proceeds
will be used to invest further in the facility and the company’s Florida
business, as well as for general working capital purposes. Aside from the
upsizing, there were no other changes to the terms of the mortgage, including
the interest rate or the maturity date in 2033.
“This
upsizing further strengthens our balance sheet with additional capital at
competitive rates and longer-term maturity,” AYR Wellness Chief Financial
Officer Brad Asher said. “We believe the growth opportunity in Florida is
greater than any other market in the country given its population, tourism, and
potential for converting to adult-use sales in the coming years.”
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