AYR Wellness, a multistate cannabis company that operates in several states, notified Massachusetts officials July 31 of its intention to lay off 157 employees as it plans to shut down four dispensaries by September.
AyR Owns A retail adult facility is located in Boston. Needham has a medical only store, while Somerville, Watertown, and Somerville have hybrid stores. The stores are named AYR dispensaries in Boston and Watertown, and Sira Natural Inc. in Needham and Somerville. AYR has a production and cultivation facility located in Milford.
Vangst’s industry-jobs platform estimates that Massachusetts is the U.S. fourth largest cannabis job market by 2025 with 27,000 employees.
Worker Retraining and Adjustment Notification was submitted by the employer.WARN() in Massachusetts, a day following the announcement of a nationwide Restructuring agreement Eight states will be selling or closing down their assets.
AYR operates dispensary sites in Connecticut, Florida, Illinois, Nevada, New Jersey, Ohio, Pennsylvania, and Pennsylvania. Recent Awards Virginia medical marijuana license
A restructuring support agreement between the company and its lenders explains that it is selling off assets.
Scott Davido, AYR Interim General Manager and CEO said that the firm’s 30 July report marked a “major milestone” in AYR reorganizing its obligations. The company had agreed to a plan to minimize its debt and maximize value to all its stakeholders. Restructuring announcement. We look forward to working closely with our creditors as we implement the next steps of our restructuring plan, as defined by RSA.
As part of an agreement with a committee of senior noteholders who consented to it, lenders will purchase assets from the company and take on certain liabilities in Florida, Ohio Nevada, New Jersey Pennsylvania and Virginia.
According to AYR, these lenders have also agreed to offer $50 million in bridge loans at 14% annual interest, which will be payable every month. The note holders will be repaid after AYR auctions certain assets.
In Nevada, the company has also issued WARN warnings for its Sparks production and cultivation facility.
According to the Please see the following noticesThis document also specifies the date by which the company expects to dismiss employees affected as a result of the reduction in workforce.
WARNs are either not filed in states that AYR has operations in, aren’t filed or haven’t been made public.