Third quarter 2022 results have come knocking on the doors of many companies in the cannabis industry. Ayr Wellness, a leading US multi-state vertically integrated cannabis operator (MSO), has been one of them. The firm recently released its financial results for the most recent period ended September 30. It appears that its earnings are extremely positive, indicating that the company could close the year with excellent news.
For Jonathan Sandelman, founder and CEO of Ayr, the company has been able to meet its profitability and growth targets during the third quarter. His expectations appear to have been realistic, as the financial results were exactly what the company was forecasting.
“We grew retail market share in six of the seven states where we operate, and while economic headwinds and inflationary pressures continued to impact the consumer wallet throughout the quarter, we maintained strong unit volumes across nearly all of our markets, demonstrating the defensibility of cannabis as a consumer staple,” added Sandelman. In addition, Ayr’s existing base continues to be optimized as talent has become a recent focus.
Sandelman welcomes the hiring of David Goubert as Ayr’s first president. With his years of retail experience and supply chain expertise, the company has benefited greatly from the services provided by Goubert. All these efforts have driven revenues up 24% year-on-year to $119.6 million, up 9% sequentially.
Adjusted EBITDA, meanwhile, was up 10% sequentially to $21.7 million, while Adjusted Gross Profit rose to $62.9, increasing 11% over last year’s third quarter. The company opened two adult dispensaries in the greater Boston area as well as two additional stores in Florida during the third quarter. This brought its presence to 52 dispensaries throughout the Sunshine State.