AYR Wellness has closed on a $8.4 million upsizing of its existing mortgage for its Gainesville cultivation facility, increasing the principal amount of the mortgage to $48.4M.
Proceeds will be used to invest further in the Facility and the Company's Florida business, as well as for general working capital purposes. Aside from the upsizing, there were no other changes to the terms of the mortgage, including the interest rate or the maturity date in 2033.
Brad Asher, Chief Financial Officer at AYR Wellness, said, "This upsizing further strengthens our balance sheet with additional capital at competitive rates and longer-term maturity. 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."
For more information:
Ayr Wellness
www.ayrwellness.com