Liberty Health Sciences set to be purchased by Ayr Strategies

Liberty Health Sciences set to be purchased by Ayr Strategies

The cannabis vertical has submitted a bid to purchase the Florida-based cannabis company

Liberty Health Sciences might soon have a new owner. An announcement made yesterday by Ayr Strategies indicates that the cannabis vertical wants to purchase the Florida-based company in a deal reportedly worth $290 million. Ayr would take over all of Liberty Health’s assets, including its list of dispensaries, its cultivation campus in Gainesville and more.

The acquisition would be completed strictly through the trading of stock. If finalized, Liberty Health shareholders will receive around 13.1 million shares in Ayr, or 0.03683 Ayr shares for each share of Liberty Health. Ayr would receive the 28 dispensaries already open, the seven that are about to open in 2021 and another seven that are expected to be added in the new future. In addition, the 30,000-square-foot cultivation facility in Gainesville would be turned over.

Jonathan Sandelman, chairman and CEO of Ayr Strategies, said in a statement, “Today’s announcements represent a transformational next step for Ayr as a leading multi-state operator in the U.S. Our strategy has always been to go deep in the best markets, targeting attractive assets in limited-license states with large populations, where we can build a vertically integrated presence and have a significant edge.”

The share price being floated is said to be a “significant premium” for shareholders of around 94%. All Liberty Health employees are expected to be retained following the completion of the sale, and Liberty Health will nominate one independent director to be added to Ayr’s board. The agreement has reportedly already been approved by the board of directors of both companies.

“This transaction is a win-win-win for Liberty’s patients, shareholders, and stakeholders. With the support from Ayr, Liberty dispensary openings across the state will accelerate and product expansion will be enhanced. Shareholders will benefit not only from the strong growth in the Florida market, but also from the growth in other key states. Our employees will have exposure to new opportunities and career paths. We are delighted to become part of the AYR family of companies,” adds Liberty Health Director and interim CEO George Gremse.