Wednesday, October 8, 2025

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Ayr Wellness Enters State of New Jersey With $101 Million Acquisition

Ayr Wellness (CSE: AYR.a) has stepped into the New Jersey market. The firm this morning announced the closing of the acquisition of Garden State Dispensary, or GSD. The firm is one of just twelve vertical permit holders within the state.

Presently, the firm has a total of 30,000 square feet of production and cultivation space in operation, while a 70,000 square foot expansion is currently underway. At the retail level, the firm has maxed out in terms of permitted locations, with three retail storefronts currently operating in the central portion of the state.

Much like any limited license state, the acquisition did not come cheap. Total consideration amounted to US$101 million in up-front payments, while earn-outs can increase the total price paid by up to US$97 million. Initial consideration consists of US$41 million in cash, US$30 million in exchangeable shares, and a US$30 million promissory notes. Earn-outs, if awarded, are expected to use such a combination of payments methods as well.

The price paid, at full earn-out, is said to represent a multiple of 4x estimated 2022 adjusted EBITDA for the asset.

The acquisition follows news issued at the start of the month by the company, wherein it would be conducting an early incentive for the exercise of warrants, with proceeds expected to be up to $55 million.

Ayr Wellness last traded at $28.68 on the CSE.


Information for this briefing was found via Sedar and Ayr Wellness. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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