Ayr Wellness Business Summary

Ayr Wellness Inc. (AYRWF) operates as a vertically integrated multi-state cannabis operator (MSO) in the United States, generating revenue primarily through direct-to-consumer retail sales and the wholesale distribution of branded consumer packaged goods (CPG). The company’s business model centers on a "seed-to-sale" strategy, controlling the entire supply chain across its primary operating segment of cannabis production and sales. As of February 2026, Ayr maintains a significant retail footprint with approximately 90 dispensaries across key markets including Florida, Pennsylvania, New Jersey, and Ohio, supported by large-scale cultivation and manufacturing facilities. The company competes directly with major MSOs such as Trulieve Cannabis Corp., Curaleaf Holdings, and Green Thumb Industries (GTI). While Ayr remains a top-tier player by dispensary count and geographic reach, it is currently positioned as a restructuring entity, having transitioned its core assets to a creditor-owned vehicle ("NewCo") to eliminate hundreds of millions in legacy debt through a court-supervised reorganization. The company was founded by Jonathan Sandelman, a former Wall Street executive who led its initial expansion through a series of aggressive acquisitions. As of February 2026, the leadership team is led by restructuring specialists following a comprehensive corporate overhaul. Blake Holzgrafe, a Managing Director at Ankura, serves as the Interim CEO and Chief Restructuring Officer of the corporate parent, overseeing its orderly wind-down, while Scott Davido acts as the Interim CEO of the newly formed operating entity, NewCo. Other key executives include President George DeNardo and Co-Chief Revenue Officers Julie Winter and Jamie Mendola. Following the resignation of long-time Chairman Louis Karger in January 2026, the board includes independent directors such as Joyce Johnson-Miller and Glenn Isaacson. The company is now effectively controlled by its former senior noteholders, including institutional creditors like Millstreet Credit Fund, who successfully credit-bid for the firm's assets during its restructuring.