Multistate marijuana company Ayr Wellness has reached agreements to defer by two years principal or amortization payments on debt obligations worth roughly $69 million.
To achieve those deferrals, Ayr is amending agreements regarding vendor notes and promissory notes related to a series of acquisitions.
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Including previously announced amendments to “vendor notes, promissory notes, and earn-out payments, the company has now successfully extended the payment terms of a cumulative of $96.9 million of obligations,” the Miami-based company said in a Monday news release.
The latest amendments were made to debt agreements related to:
Ayr’s acquisition of Pennsylvania medical cannabis dispensary operator PA Naturals. Its purchase of New Jersey medical marijuana company GSD NJ. Its acquisition of Pennsylvania cannabis company CannTech PA. “Promissory notes assumed by certain subsidiaries of (Ayr) in connection with the GSD and CannTech acquisitions in favor of former minority interest holders.” Ayr’s
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