AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) has finalized its acquisition of Nevada’s Tahoe Hydroponics, a small award winning cannabis cultivator that was previously owned and operated by two families.
Ayr announced the deal’s closing on Monday following a definitive purchase agreement in July of 2021 and has paid Tahoe US$1.5 million along with 232,795 exchangeable shares.
Tahoe formerly owned and operated facilities in Carson City and Sparks spanning a total of 33,000 square-feet that have now come into Ayr’s possession.
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The acquisition has added a significant amount of cultivation space to Ayr’s operations in Nevada.
“I am thrilled that we have finalized our acquisition of Tahoe Hydro,” said David Goubert, President and CEO of Ayr Wellness.
“Finalizing this transaction underscores our commitment to building depth in our core markets such as Nevada, where we have leading market share along with a differentiated footprint.”
Ayr sold its Arizona assets for US$20 million to a group know as AZ Goat at the end of last month which included a 10,000-square-foot cultivation facility in Chandler and an 80,000-square-foot cultivation facility in Phoenix along with three Oasis dispensaries.
Ayr also announced the opening of two new Florida retail locations in Palatka and Winter Haven on Tuesday following the opening of four other retail locations in the state last month. Last year, the company generated 131 per cent more revenue than 2021 with US$357.6 million.
Tahoe Hydroponics has sold its cannabis through several online distributors such as Acres Dispensary, Jenny’s Dispensary, the Nevada Wellness Centre and The Apothecary Shoppe.
Ayr’s stock rose by 2.47 per cent on Wednesday to $0.83 on the Canadian Securities Exchange.