Cannapany on March 17, 2022 No Comments
The cannabis company more than doubled its sales, but also had bigger losses
Ayr Wellness reported earnings results for the fourth quarter ended December 31, 2021. For the fourth quarter, the company reported sales of $111.8 million, up from $47.8 million a year ago. The net loss was $13.9 million, up from $6.7 million a year ago.
On the other hand, the company also released earnings for the full year ended December 31, 2021. For the period, the company reported sales of $357.6 million, up from $155.1 million a year ago. Adjusted EBITDA was $98 million, compared to $53.4 million a year ago. Adjusted gross profit was 58% compared to 59.1% reported during the previous fiscal year.
Jonathan Sandelman, Ayr’s founder, chairman and CEO, says 2021 can be considered a transformational year for the company, with adjusted EBITDA growth and outsized revenues. He notes that the expanded footprint was able to grow Ayr from its original two states to seven leading markets in the cannabis industry, with an eighth pending the closing of an acquisition.
The company has added more than 62 dispensaries and eight cultivation facilities while welcoming more than 1,600 teammates. Sandelman says that after a year as positive as 2021, he and his team are fully prepared for 2022 to close with similar or even better results.
“The talent that we have brought into our team and the culture we are strengthening every day continue to be the hidden assets on our balance sheet. Our teammates are all pulling in the same direction, driven by our collective goals of producing high-quality cannabis at scale, delivering remarkable experiences to our customers every day, and being a force for good in our communities,” Sandelman added.
Congratulation!