Ayr Wellness Inc. AYRWF, +4.03% AYR.A, +3.64% said Friday it will not move ahead with plans to acquire two dispensaries in Chicago for $55 million because “the cannabis market has changed significantly” in the 15 months since it inked the deal. Instead Ayr plans to focus on “optimizing our business” including “implementation of operating efficiencies, lowering costs across our business, and reorienting our investments into the markets, segments and activities that are most impactful for our growth and profitability,” the Miami-based cannabis company said. Ayr said it reached a mutual termination agreement with Gentle Ventures LLC, which does business under the name Dispensary 33, at two licensed retail dispensaries in Chicago. Shares of Ayr Wellness are up 3.3% in 2023, compared to a loss of 11.6% by the AdvisorShares Pure U.S. Cannabis ETF MSOS, +4.37%.
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