Ayr Health Inc. announced the departure of Brad Asher as CFO. The resignation of Brad Asher will take effect at a mutually-agreed date after filing the 2024 annual financial statement.
Ayr Wellbeing announced in August 2024 that David Goubert would step down as CEO. It has now been 4 months. Steven M. Cohen, who is still the interim CEO, was appointed by Ayr Wellness to fill this role while they searched for a new permanent CEO. Cohen served previously as an external legal advisor for the company.
Last week, Ayr Wellness told investors that Chief Operating Officer George Denardo assumed the role of president. Denardo’s new position included overseeing the company’s entire operations including purchasing, retailing, marketing, manufacturing, and cultivation.
Cohen stated that George was instrumental to improving cultivation and production metrics at Ayr. He also helped streamline and relaunch our brand portfolio and built an updated platform for launching new products. We look forward to George bringing his expertise in retail and cultivation to our company, allowing greater connection between different functions and creating accountability.
Ayr has been struggling to find stability at the top of the corporate ladder. The company reported it had missed its third-quarter expectations. Green Market Report According to the article, Ohio’s new adult-use cannabis market was offset by early successes due to the company being vertically integrated.
The third-quarter revenues were essentially unchanged year over year and down 2.6% from second-quarter. The operating loss of the company increased from $1.4 to $17.4 millions. EBITDA adjusted was 26.1 million dollars, a margin that is 22.9%.
Yahoo Finance’s data shows that analysts expect the company to generate revenue of $127.3 million for the fourth quarter. The company gave a more conservative forecast, saying that revenue for the fourth quarter and adjusted EBITDA levels would remain “basically flat” in comparison to third-quarter figures. The company has maintained its forecast for positive GAAP operating cash flow in 2024.