The Multi-State Operator (MSO) AYR Wellness Inc. announced the transfer of its New Jersey, Florida, and Nevada operations to Arboretum Bidco LLC as the company is going through ownership changes.
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Notably, Arboretum intends to operate under the trade name “Ayr Wellness,”
They made an agreement last November.
Each state operation is going to be its own separate company.
So, Ayr’s New Jersey operations have been transferred into Arboretum New Jersey LLC and related entities.
According to them, all requisite state regulatory approvals for the transfer of the Florida, New Jersey, and Nevada operations were obtained prior to the closings.
It Ayr has been scaling back for a while after having several issues.
AYR Wellness Inc
AYR Wellness is a vertically integrated MSO. So, they cultivate, manufacture, and retail what it claims are “a broad portfolio of high-quality cannabis products, supporting both medical patients and adult-use consumers.”
So, the company has been producing Kynd flower, Haze gummies, pre-rolls and vapes, Later Days vapes, and Levia Drink brands.
It is a publicly traded company in Canada on the Canadian Stock Exchange (CSE).
So, it is under the “Companies’ Creditors Arrangement Act (Canada) in the Supreme Court of British Columbia to effectuate a liquidation and wind down of the Company.”
Notably, they have sponsored expungement clinics in the past. In such a clinic, lawyers help those who have had problems after being caught with weed.
However, Ayr was among the large MSOs named in a lawsuit by the Ohio Attorney General. He alleged there is a national price fixing trust/cartel across the American state-legal cannabis markets.
The company was initially known as Garden State Dispensary and owned by NJ State Senator Raj Mukherji (D-Hudson-32), who sold it around when the adult-use cannabis law CREAMMA prohibited such a thing.
Arboretum
According to their website, “Arboretum Investment Advisors, LLC is a New Hampshire registered investment advisor with a focus on managing funds providing asset-backed financing, dedicated to non-correlated, income-producing investment strategies, which are designed to diversify investor portfolios, while striving to create a better investor experience.”
So, while they might specialize in big business. But it does not seem like they have a history of legal business hustling.
Interestingly, the name might be something like tree and plant museum. But they don’t seem to have a background in touching placed as a licensed cannabis company.
Sometimes, underground legacy operators and consumers call weed “trees”.
But Arboretum doesn’t seem the type that would know that.
It’s likely both the old and new owners hate the idea of home gardening cannabis in the Garden State.
