AYR Wellness Exits Massachusetts in Broad Financial Restructuring

LOS ANGELES – AYR Wellness, a Miami-based multi-state Cannabis operator, is pulling out of Massachusetts as part of a bold restructuring to tackle its financial challenges. The company will close its 90,000-square-foot Milford cultivation facility, leading to 157 layoffs by September 29, according to a Worker Adjustment and Retraining Notification (WARN) filed with the MassHire Department of Career Services on July 31. The Milford site, picked up in AYR’s 2019 acquisition of Sira Naturals, has been a key production hub since opening in 2021.

AYR is also offloading its Taunton dispensary to In Good Health for $2 million and shutting down its Brockton retail location. The status of its four other Massachusetts dispensaries in Back Bay (Boston), Somerville, Watertown, and Needham remains unclear, with no details provided in public filings or company statements.

This withdrawal is part of AYR’s larger strategy to tighten operations across eight states, including Florida, Ohio, Nevada, New Jersey, Pennsylvania, and Virginia. After reporting a $161 million net loss on $463.6 million in revenue for 2024, AYR secured a $50 million bridge loan from senior noteholders to fuel its turnaround plan. The strategy includes selling assets and potentially entering a court-supervised liquidation in Canada, where AYR is publicly traded, to trim debt and shore up its finances.

Exiting Massachusetts highlights the tough road to profitability amid high costs and regulatory red tape. As AYR pushes forward with asset sales and debt reduction, its choices could ripple through the industry, influencing other companies grappling with similar challenges.