Cannapany on August 16, 2021 No Comments
The cannabis company is going to acquire cannabis beverage firm Cultivauna
Leading vertically integrated, multi-state cannabis operator Ayr Wellness Inc. made it clear that it intends to enter the cannabis-infused beverage market. It has announced that it has signed a binding letter of intent to acquire Cultivauna, the owner of Levia-branded cannabis-infused seltzers and water-soluble tinctures.
According to reports, Ayr wants to purchase Cultivauna’s entire equity interests. The terms of the transaction are understood to involve a total of $20 million in initial consideration, comprised of up to $10 million in cash, with the remainder in stock.
“Ayr wants something exciting to offer all cannabis consumers of today and the future cannabis customer of tomorrow. Infused beverages, done right, will be a game-changer for cannabis integration in the US, providing an accessible and sessionable form factor for new and existing customers. The acquisition of Levia brings Ayr into this fast-growing segment with a delicious, market-leading infused seltzer,” said Jonathan Sandelman, CEO of Ayr Wellness.
All those who love the effects caused by tetrahydrocannabinol (THC) don’t have to wait so long to feel them after consuming Levia cannabis-infused seltzer. This allows for a more consistent consumption experience, different from that of edibles. Levia currently has a presence in the Massachusetts market in a variety of flavors, which include “Achieve” Raspberry Lime, “Celebrate” Lemon Lime, and “Dream” Jam Berry based on Sativa, hybrid, and indica, respectively.
Consumers can get these flavors in 12-ounce cans, which contain 5mg of THC. These same formulations can also be found in water-soluble tinctures. The acquisition is reportedly subject to customary closing conditions and various regulatory approvals, as well as the execution of a definitive binding agreement. Should this be completed, the acquisition could be finalized by the end of this year.
“As we finalize our updated national brand portfolio to address all segments and form factors, Levia will play a leading role in every market in which we operate,” concluded Sandelman.
Congratulation!