YOUNGSTOWN, Ohio – A Miami-based cannabis company plans to sell off its operations in six states, including a dispensary it opened in Niles earlier this year.
AYR Wellness Inc. last week announced it had entered into a restructuring agreement with its secured creditors to begin an “orderly sale and/or wind down of the company’s remaining assets,” according to a press release issued July 30.
Senior noteholders have agreed to purchase certain assets and assume liabilities of the company’s locations in Florida, Ohio, Nevada, New Jersey, Pennsylvania and Virginia, the company said. After the conclusion of a sale auction, AYR’s subsidiaries would wind down the remainder of their operations. Proceeds from the liquidation would be distributed among the company’s secured creditors.
AYR operates six retail dispensaries in Ohio and opened its Niles location at 1212 Youngstown-Warren Road in February. Other Ohio locations include Dayton, Streetsboro, Woodmere, Lewis Center and Goshen, according to its website.
“Today marks a major milestone for AYR and the restructuring of its obligations,” Scott Davido, AYR’s interim CEO, said in a statement July 30. “We look forward to continuing to work closely with our lenders as we execute the next steps in our restructuring plan.”
The company said it would provide additional details as the sale process moves forward.