Cannabis Company Ayr Wellness Loans Money From Needham Bank To Support Its Cultivation Facility

AYR Wellness Inc. AYRWF AYR has closed on a $40 million refinancing and upsizing of its existing mortgage for its Gainesville cultivation facility, with Needham Bank.

Proceeds from the loan will be used to pay down the company’s existing Gainesville mortgage of $25.3 million, which was due to mature in May 2024, and invest further in the facility and the company’s Florida business. The new loan carries an interest rate of 5-year FHLB rate + 4%, which currently implies a rate of 8.26%.

Brad Asher, chief financial officer at AYR Wellness, stated, “The refinancing and upsizing of our Gainesville mortgage is the latest in a series of actions aimed at further strengthening AYR’s balance sheet. Today’s action replaces our existing mortgage with a lower interest rate, extends the maturity to 10 years, and provides us with additional capital to invest further in the facility and the company’s Florida business. We believe the growth opportunity in Florida is greater than any other market in the country given its population, tourism, and potential for converting to adult-use sales in the coming years.”

Photo: Benzinga edit with photos by Kindel Media on Pexels

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