“Arizona has been a terrific medical market, third in the U.S. in terms of patient penetration at over 3.8% and currently generating approximately $1 billion in annual revenue¹. Last week, the Arizona Department of Public Health began approving applications for adult-use sales. Thus far, approximately 90 locations have been approved, including the three Oasis-branded dispensaries that we will be acquiring. Oasis’ adult-use sales commenced on Monday, January 25^th to a large crowd of excited customers waiting to experience first-hand the end of cannabis prohibition in Arizona. We are thrilled to see the state move quickly to make safe, tested, and regulated cannabis available for adult-use following the overwhelming support it received at the ballot box in November,” said Jonathan Sandelman, Chairman and Chief Executive Officer of Ayr. “We look forward to working with the regulators and team of over 110 people in Arizona to ensure a successful rollout of recreational sales in Arizona.”

Ayr Strategies was on a buying binge in 2020. In December the company said it was buying Liberty Health Sciences (OTC: LHSIF) in an all-stock deal valued at $290 million. In addition, Ayr said it was buying the membership interests in GSD NJ LLC, a licensed operator in New Jersey, for upfront consideration totaling $101 million.

Also in December, Ayr closed on the purchase of CannTech PA  for $57.4 million. That acquisition included a 143,000 sq. ft. cultivation and processing facility on 13 acres. The first phase of the planned build-out of the facility is complete and approved for cultivation. CannTech’s license permits up to six dispensary locations in Pennsylvania, including the recently announced opening of its first dispensary in New Castle, PA. CannTech plans to open two additional stores in the first quarter, with three further PA dispensary openings planned for the second half of 2021. Four of these additional dispensaries will be clustered in the Pittsburgh and Philadelphia metropolitan areas, while one will be in Erie, PA.