NEW YORK, Sept. 07, 2021 (GLOBE NEWSWIRE) — Ayr Wellness Inc. (CSE: AYR.A, OTC: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated cannabis multi-state operator (“MSO”), has announced that it has moved to a definitive agreement for its previously announced plan to acquire Cultivauna, LLC, the owner of Levia branded cannabis infused seltzers and water-soluble tinctures.
“Since we first announced our intention to acquire Levia a few weeks ago, we have been thrilled with the feedback we’ve received from customers, friends, investors and industry colleagues about how much they’ve enjoyed the cannabis experience Levia brings,” said Jonathan Sandelman, CEO of Ayr Wellness.
It is a truly unique product that we believe will be game changing to the mainstreaming of cannabis in the U.S. With a formula that provides consistently great flavor and zero calories in an infused beverage experience, we believe Levia has enormous potential as an alcohol alternative.
Jonathan Sandelman, CEO of Ayr Wellness
As we finalize our updated national brand portfolio to address all segments and form factors, Levia will, following closing, play a marquee role in each market where we operate, joining our other national brands, Kynd premium flower and Origyn extracts.
Ayr intends to purchase 100% of the equity interests of Cultivauna, LLC. The terms of the transaction include $20 million in upfront consideration, made up of up to $10 million in cash with the remainder in stock. An earn-out payment of up to an additional $40 million will be paid in shares based on the achievement of revenue targets in 2022 and 2023.
Levia Cannabis Infused Seltzer is currently available in Massachusetts in three experiences and flavors:
- “Achieve” Raspberry Lime (Sativa)
- “Celebrate” Lemon Lime (Hybrid)
- “Dream” Berry Jam (Indica)
Each flavor is available in 12-ounce slim cans and contains 5 mgs of THC. Levia is also available in water soluble tinctures in the same formulations.
Levia uses a proprietary technology which provides for rapid onset of the effects of THC, typically 15-20 minutes and the effects last up to 3 hours, allowing for a more consistent consumption experience than many edible products.
The acquisition is subject to customary closing conditions and regulatory approvals. The acquisition is expected to close by the end of 2021.
About Ayr Wellness
Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.
Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrwellness.com.
Original press release