Liberty Health Sciences is still alive and well, but will now be working under the guidance of Ayr Wellness. The cannabis company announced a couple of months ago that it was negotiating a deal to be acquired by Ayr Wellness and, following a vote by shareholders last week, the acquisition has been completed. As the deal was finalized on Friday, Ayr took control of all of Liberty Health’s common shares and will now direct the company’s future.
Liberty Health shareholders met virtually last week to discuss the potential acquisition, overwhelmingly voicing their support for the arrangement. This, along with approval by Canadian regulators, allowed the deal to move forward, and the final paperwork was signed Friday morning. Liberty shareholders will receive 0.03683 subordinate voting shares in Ayr for each Liberty Health share held, resulting in approximately 12.7 million new Ayr shares being issued.
Ayr CEO Jonathan Sandelman said of the completion of the acquisition, “Our first task is to improve output from Florida’s cultivation, because everything starts with the plant. We are confident that the combination of our best-in-class cultivation experts and the newly hired head of grow operations in Florida will bring Florida’s cultivation to the high standards Ayr has set in our other states. Beyond cultivation, we look forward to bringing to Florida the best-in-class customer and community service that are at the core of our culture.”
Ayr, following the acquisition, will now be active in seven states, including Florida, Massachusetts, Nevada and Pennsylvania, with additional licenses pending in Arizona, Ohio and New Jersey. Sandelman added, “We are excited to welcome all Liberty stakeholders to the Ayr family, especially the over 300 members of the Liberty team. We look forward to working with you and our successful future together. To the Liberty shareholders, thank you for your overwhelming support. You are Ayr shareholders now and we take that responsibility very seriously. We are excited to get to work to bring the wellness and wonder of Ayr to Florida’s growing market.”