Ayr Methods Inc. (OTCQX: AYRWF) has taken the subsequent steps in its Arizona technique by signing a Definitive Settlement to purchase Blue Camo, LLC in a deal first introduced in November 2020. the deal is valued at $75.4 million, made up of $9.5 million in money, $37.4 million in inventory, and $28.5 million in vendor notes. the deal is predicted to shut in late March relying upon regulatory approvals.
Blue camo’s operations embody three Oasis-branded dispensaries within the higher Phoenix space, a ten,000 ft2 triple-stacked cultivation and processing facility in Chandler, and an 80,000 ft2 cultivation facility beneath improvement in Phoenix.
“Arizona has been a terrific medical market, third within the U.S. by way of affected person penetration at over 3.8% and presently producing roughly $1 billion in annual income1. Final week, the Arizona Division of Public Well being started approving purposes for adult-use gross sales. To date, roughly 90 places have been permitted, together with the three Oasis-branded dispensaries that we’ll be buying. Oasis’ adult-use gross sales commenced on Monday, January 25th to a big crowd of excited prospects ready to expertise first-hand the tip of cannabis prohibition in Arizona. We’re thrilled to see the state transfer shortly to make secure, examined, and controlled cannabis obtainable for adult-use following the overwhelming help it obtained on the poll field in November,” mentioned Jonathan Sandelman, Chairman and Chief Government Officer of Ayr. “We sit up for working with the regulators and workforce of over 110 folks in Arizona to make sure a profitable rollout of leisure gross sales in Arizona.”
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Additionally in December, Ayr closed on the acquisition of CannTech PA for $57.4 million. That acquisition included a 143,000 sq. ft. cultivation and processing facility on 13 acres. The primary section of the deliberate build-out of the power is full and permitted for cultivation. CannTech’s license permits as much as six dispensary places in Pennsylvania, together with the just lately introduced opening of its first dispensary in New Citadel, PA. CannTech plans to open two extra shops within the first quarter, with three additional PA dispensary openings deliberate for the second half of 2021. 4 of those extra dispensaries might be clustered within the Pittsburgh and Philadelphia metropolitan areas, whereas one might be in Erie, PA.
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