Cannabis MSO Ayr Wellness Inc. revealed its latest transaction involving the sale of Blue Camo, LLC, along with associated assets in Arizona, to AZ Goat AZ, LLC. This deal involves the original owners of Blue Camo, who had previously sold the business to Ayr back in the first quarter of 2021.
The acquisition encompasses a duo of authorized corporations that run three media platforms continuing under the Oasis name in the larger vicinity of Phoenix. Furthermore, it incorporates an extensive cultivation and processing area measuring 10,000 square feet situated in Chandler at a facility spanning 80,000 square feet. An infrastructure expansion is also in the works in Phoenix, alongside Ayr’s commanding stake in Willcox OC, LLC, a shared initiative investing in outdoor infrastructure expansion.
Ayr was given $20 million, along with additional cash to come from net proceeds over the next half year. What’s more, the purchaser took on lease commitments which freed Ayr from roughly $15 million in long-term lease commitments.
Ayr’s long-term debt decreased by $22.5 million as a result of an exclusive deal pertaining to the purchase of Blue Camo during the first quarter of 2021. Expressing his satisfaction at the swift conclusion of the transaction regarding the Arizona assets sale, David Goubert, the CEO and president of Ayr, stated that he was pleased with the outcome. He added, “I am pleased to announce the swift closing of the sale of our Arizona assets. This transaction strengthens our balance sheet by adding cash and reducing net debt and long-term operating leases by approximately $55 million, while improving our working capital position. Finalizing this transaction is the latest step in our optimization plan as we look to streamline our business and prioritize investment into our most profitable assets.”
Investors and others can explore further insights and particulars regarding the transaction in the organization’s newsletter that declares the conclusive agreement, dated February 9, 2023.