Company Overview

Ayr Wellness Inc. is a U.S.-based, vertically integrated, multi-state cannabis operator engaged in the cultivation, manufacturing, and retail sale of cannabis products. The company operates within the regulated medical and adult-use cannabis industries, generating revenue primarily through branded cannabis product sales via company-owned dispensaries and wholesale distribution to third-party retailers. Ayr Wellness focuses on limited-license and high-barrier-to-entry U.S. state markets, positioning itself to capture share in jurisdictions with constrained competition.

The company was founded in 2017 under the name Ayr Strategies Inc. and later rebranded as Ayr Wellness Inc. as it expanded its operational footprint and consumer-facing retail presence. Through a series of acquisitions and organic buildouts, the company evolved into a vertically integrated operator with cultivation facilities, processing assets, and retail dispensaries. A core element of its strategy has been disciplined capital allocation and an emphasis on operational efficiency within state-regulated markets.

Business Operations

Ayr Wellness generates revenue through vertically integrated operations encompassing cultivation, manufacturing, and retail dispensaries. Its primary business segments include Retail Dispensaries, Cultivation Operations, and Manufacturing and Branded Products, with retail sales representing the largest revenue driver. The company sells a portfolio of branded cannabis products, including flower, concentrates, vape products, and edibles, distributed through its owned dispensaries and select wholesale channels.

Operations are conducted entirely within the United States, with state-level subsidiaries holding licenses and assets. Key subsidiaries and acquired platforms include Liberty Health Sciences, which formed the foundation of its Florida operations, and other state-specific operating entities. The company controls indoor and greenhouse cultivation facilities, processing labs, and logistics infrastructure designed to support consistent supply across its retail network.

Strategic Position & Investments

Ayr Wellness’ strategic direction emphasizes strengthening its presence in core limited-license states, improving free cash flow generation, and optimizing existing assets rather than rapid geographic expansion. Growth initiatives have included targeted acquisitions of licensed operators, expansion of cultivation capacity in core markets, and the rollout of proprietary brands across multiple states to build consumer loyalty and margin consistency.

Notable acquisitions have historically included Liberty Health Sciences and additional dispensary and cultivation assets in the Northeast and Midwest. The company has also periodically divested non-core assets to focus capital on higher-performing markets. While Ayr Wellness participates in product innovation within cannabis derivatives and form factors, it has not publicly disclosed material investments outside the regulated cannabis sector.

Geographic Footprint

Ayr Wellness operates across several U.S. states, with significant exposure to Florida, Massachusetts, Pennsylvania, New Jersey, Nevada, and Ohio. The company’s corporate headquarters are located in Miami, Florida, aligning leadership oversight with one of its largest operating markets. Its footprint is concentrated in the eastern United States, supplemented by select western operations.

The company does not operate internationally, as cannabis remains federally illegal in the United States. All operations are structured through state-licensed entities, and the company’s geographic influence is driven by its scale within individual state markets rather than cross-border activities.

Leadership & Governance

Ayr Wellness was founded by Jonathan Sandelman, who has played a key role in shaping the company’s acquisition-driven growth strategy and governance framework. The leadership team emphasizes disciplined execution, cost control, and long-term value creation within regulated cannabis markets, with strategic decisions informed by regulatory risk management and balance sheet preservation.

Key executives include:

• David Goubert – President and Chief Executive Officer
• Evan Steinberg – Chief Financial Officer
• George Dehne – Chief Operating Officer
• Jonathan Sandelman – Founder and Chairman of the Board

The company is governed by a board with experience in regulated industries, finance, and operations, reflecting the compliance-intensive nature of the U.S. cannabis sector.