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Marijuana multistate operator Ayr Wellness is increasing by $8.4 million the size of an existing mortgage on a cultivation facility in Gainesville, Florida.
The principal on the mortgage is now $48.4 million, Ayr said in a late Tuesday news release.
“Proceeds will be used to invest further in the facility and the company’s Florida business, as well as for general working capital purposes,” Ayr noted in its release.
The other terms of the mortgage are unchanged. The loan matures in 2033.
Ayr Chief Financial Officer Brad Asher said in a statement that the increased mortgage “further strengthens our balance sheet with additional capital at competitive rates and longer-term maturity.”
“We believe the growth opportunity in Florida is greater than any other market in the country given its population, tourism, and potential for converting to adult-use sales in the coming years,” he added.
In February, Ayr announced it had pushed back the maturity of its senior notes by two years to 2026 and raised $40 million by issuing more senior notes.
Miami-based Ayr has a heavy focus on the Florida medical marijuana market.
The state has the potential to become a major recreational market if voters were to pass a possible ballot measure later this year.
Ayr is also looking forward to other future adult-use market transitions, CEO David Goubert said in a recent earnings call.
The company’s shares trade as AYR.A on the Canadian Securities Exchange and AYRWF on over-the-counter markets.
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