Miami-based Multi-State cannabis Operator (MSO) Ayr Wellness has confirmed the job cuts of 180 employees across the United States.
Ayr, which currently employs around 2,700 people throughout the United States, issued a statement that the decision was necessary to improve efficiency and realign key priorities.
“This decision was not made lightly but was a necessary part of the Company’s overall plan to improve efficiency and realign key priorities,” Ayr said in a statement. “Ayr is grateful for the collective contributions of these team members and is working to support their transitions from Ayr.”
Clearing the Ayr in New Jersey
Ayr currently operates three cannabis dispensaries in New Jersey, including locations in Woodbridge, Eatontown, and Union. In 2021, the company acquired Garden State Dispensary, which now operates as Ayr, for $101 million. When Ayr purchased Garden State Dispensary, it was one of the 12 existing vertical license holders in New Jersey and one of the state’s original six alternative treatment centers (ATCs).
Despite the job cuts at Ayr Wellness and other industry layoffs, the New Jersey market is just beginning. The consulting firm BDSA expects New Jersey to be the 3rd largest contributor to overall US sales growth by 2026.
Canceled Acquisition of Ayr Deal In Chicago
In addition to the recent job cuts at Ayr Wellness, the cannabis company recently canceled its acquisition of Chicago’s Dispensary 33, a deal worth about $55 million. The company cited changing market conditions and described the termination as “mutual.”
Ayr’s Expansion Efforts
Prior to the canceled purchase and job terminations, Ayr rapidly grew its operations through a number of acquisitions in 2021, including a shop in Illinois, two cannabis producers in Nevada, Garden State Dispensary (3) in New Jersey, three Pennsylvania medical marijuana dispensaries, and a Boston-based cannabis drink manufacturer.
The legal weed industry has faced a wave of layoffs in recent months.
Ayr’s recent job cuts reflect the changing market conditions and the company’s changing and evolving priorities.
Cannabis dispensary MSO-giant and Ayr rival Curaleaf recently also announced the closure of 3 of its dispensaries.
