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Vertically integrated cannabis company AYR Wellness Inc. (CSE:AYR) (OTCQX:AYRWF) reported its financial results for the second quarter ended June 30, 2023 on Thursday, revealing a 0.8% sequential decrease and 18% year-over-year increase in revenue to $116.7 million.
“As we look to the rest of the year, we plan to accelerate our cash generation via our 2023 optimization plan, making strides in inventory optimization, continuing to align our production with demand, and developing further synergies within our supply chain, retail, wholesale and purchasing functions,” David Goubert, president and CEO of AYR said. “We believe our ongoing initiatives to grow our Florida footprint, improve operations in New Jersey, and build out retail footprints in Ohio, Illinois, and Connecticut will enable us to accelerate growth in the quarters ahead.”
To learn more about the company’s plans to expand its footprint, join us at Benzinga’s fall event, where Jamie Mendola, Ayr’s chief business development officer and GM of the Western Region, will be featured as a speaker.
It will be interesting to see what the company’s next steps in the Buckeye State will be, particularly now that it’s official that Ohioans will vote on recreational marijuana use this November.
Ayr’s shares traded 1.07% higher at $0.885 per share at the market close on Wednesday afternoon.
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo: Courtesy of geralt and Kindel Media by Pixabay