While 2020 was a tough year across the board for many businesses, 2021 seems to be showing signs of improvement in the United States.
First, it bought Arizona operator Blue Camo, giving the company three new dispensary and cultivation facilities in that state, which is No.
The company followed that up with an acquisition of Florida’s Liberty Health, setting it up with two more stores recently opened in that state and a plan to open 42 more by the end of the year.
By the time first-quarter results were reported at the end of May, Ayr was celebrating a milestone 50th dispensary opening, record sales of over $1 million on the 420 holiday, and new dispensaries across New Jersey, Pennsylvania, and Nevada — the sixth for Ayr in that state, and the third in Las Vegas.
Its dispensary presence is heaviest in Arizona and Florida, though it has stores in New Jersey and Nevada as well — all of which, as previously mentioned, are places in which Ayr has been making moves.
Gross profit was also up by 88% for the quarter compared with last year, and adjusted EBITDA margin followed suit, improving 31.5% over the same quarter last year.
cannabis market value of $41.5 billion by 2025 — a compound annual growth rate of 19% — there may just be enough to go around for all of the top players.
The share price has been hovering at about $29 since April with hints of an upward trend over the past three weeks, which means it really hasn’t taken off yet but engines are firing up.
If projections pan out as the company expects and it can continue to grow revenue toward the levels of its competitors , then it might be wise to keep Ayr on the radar.