Ayr Wellness Reports First Quarter 2022 Results

Ayr Wellness Reports First Quarter 2022 Results
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<![CDATA[MIAMI, May 26, 2022 (GLOBE NEWSWIRE) — PRESS RELEASE — Ayr Wellness Inc., a vertically integrated U.S. multi-state cannabis operator (MSO), is reporting financial results for the three months ended March 31, 2022. Unless otherwise noted, all results are presented in U.S. dollars.  Jonathan Sandelman, founder, chairman and CEO of Ayr, said, “We have made excellent progress this year to complete major capex projects and receive regulatory approvals across our footprint. We will now unlock the revenue streams from these various assets going forward – including the start of adult use sales in New Jersey and Boston next month. We invested heavily in these assets ahead of the revenue benefits which has temporarily reduced our operating margins, however we expect these investments to put our forward earnings power in a much stronger position and anticipate improvements to both our top and bottom line in the second half of 2022 as these assets come online and begin to ramp.“It has been well-telegraphed by our peers that Q1 was a challenging period for the industry. However, we have maintained or even increased retail market share across most of our footprint despite this challenging backdrop, while also increasing wholesale revenue.“The foundation for our business is set, and the investments we have made into our people, our customers, our technology infrastructure, and our retail and cultivation processes are now set to bear fruit. It has been a long journey that has required incredible patience, but as our assets turn on and ramp in Q3 and Q4, we believe we are at the inflection point we’ve been planning for the past 18 months.”First Quarter Financial Highlights ($ in millions, excl. margin items)   Q1 2021 Q4 2021 Q1 2022 % ChangeQ1/Q1 % ChangeQ1/Q4 Revenue $58.4 $111.8 $111.2 90.4% -0.5% Adjusted Gross Profit1 $34.2 $63.3 $57.9 69.3%…

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Source : Ayr Wellness Reports First Quarter 2022 Results

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