Multistate operator Ayr Wellness said it has canceled its acquisition of Chicago cannabis retail operator Dispensary 33, citing changing market conditions.
Miami-based Ayr described the decision to terminate the deal as “mutual,” according to a Friday news release.
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“The cannabis market has changed significantly in the 15 months since we agreed to acquire Dispensary 33,” Ayr President David Goubert said in a statement.
“Both parties have acknowledged this reality and engaged in good-faith dialogue as we came to the mutual decision to terminate the proposed arrangement.”
Ayr’s proposed acquisition of Dispensary 33 and its two Chicago retail locations was originally announced in November 2021.
The $55 million price tag was to be satisfied by cash, seller notes and Ayr shares.
Ayr did not specify any termination fees to be paid in relation to the deal’s cancellation.
Goubert said Ayr “will prioritize our efforts in markets
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