Debt-stricken marijuana multistate operator Ayr Wellness announced a restructuring deal on Wednesday that will see the company sell off its licenses in eight states to satisfy its lenders before “wind(ing) down the remainder of (its) operations.”
That’s a far “more draconian solution” than observers expected for the troubled Miami-based company, according to a Thursday email note from Viridian Capital Advisors, an investment firm.
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“It appears that the existing equity will be wiped out entirely,” the note read in part.
“The AYR we know today will cease to exist.”
Ayr Wellness to sell off assets across U.S. to satisfy lenders
The sell-off represents a massive turn of fortune for Ayr, which like many other MSOs enjoyed a brief peak in early 2021.
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