Ayr Wellness has closed the acquisition of Tahoe Hydroponics, one of Nevada’s top producers of high-quality cannabis flower.
On July 19, 2021, Ayr announced a definitive purchase agreement to acquire Tahoe Hydro, and on February 7, 2022, Ayr and Tahoe Hydro entered into an Interim Management Services Agreement (“MSA”). With this closing, Ayr has assumed 100% of the membership interests of Tahoe Hydro. At close, the Company paid $1.5 million in cash consideration and issued 232,795 exchangeable shares, each exchangeable for one listed share. The closing of NV Green, Inc., which produces concentrates and is the other part of the acquisition, has not yet closed. Upon the expected closing of NV Green, AYR anticipates issuing an additional 58,196 exchangeable shares and no further cash consideration.
“I am thrilled that we have finalized our acquisition of Tahoe Hydro,” said David Goubert, President & CEO of Ayr. “Although the teams and operations have been integrated since February 2022, we are pleased to make the combination official. Finalizing this transaction underscores our commitment to building depth in our core markets, such as Nevada, where we have leading market share along with a differentiated footprint.”
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