Medicinal Chemicals & Botanical ProductsIFRS · EUR

Ayr Wellness Inc.

Ayr Wellness Inc. is a U.S.-based vertically integrated cannabis company that cultivates, manufactures, and sells cannabis products through a network of licensed retail locations. Its operations span multiple state markets, serving medical patients and adult-use consumers with both plant-based products and branded consumer packaged goods.

Kysy yhtiöstä
Liikevaihto464milj. EUR
+0,0 %v/v
Liikevoitto (EBIT)−161milj. EUR
−332,6 %v/v
EBIT-marginaali−34,7%
−26,7 %-yks.v/v
Nettotulos−359milj. EUR
−31,9 %v/v
Vapaa kassavirta−8,1milj. EUR
−1 419,5 %v/v

Tilikausi 2024 · muutos edellisvuodesta

Kehitys 2020–2024

−400−2000200400600milj. EUR202020212022: 421 milj. EUR2022: EBIT −207 milj. EUR20222023: 464 milj. EUR2023: EBIT −37 milj. EUR20232024: 464 milj. EUR2024: EBIT −161 milj. EUR2024464−161
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Retail dispensaries45 %

Company-operated stores that sell cannabis products directly to consumers and patients.

Cultivation and flower20 %

Grown cannabis biomass and flower used in wholesale and retail channels.

Manufactured products20 %

Processed cannabis items such as concentrates, edibles, and other derivatives.

Branded consumer products15 %

Packaged cannabis brands sold across the company's retail and wholesale network.

Asiakkaat

AYR sells primarily to medical cannabis patients, adult-use consumers, and, in some markets, wholesale channel partners. Its customers buy for therapeutic use, personal consumption, and branded product preference, with demand shaped by state regulations, product format, and local retail access.

Medical cannabis patients

Registered patients buying cannabis products for therapeutic use and regulated access.

Adult-use consumers

Recreational consumers purchasing legal cannabis through company retail locations.

Wholesale and channel partners

Buyers of branded or manufactured cannabis products for resale in regulated markets.

Brand-focused consumers

Customers choosing products by brand and format, especially Kynd, Haze, and Later Days.

Strategia

AYR's business model depends on controlling cultivation, manufacturing, and retail in regulated cannabis markets, which allows it to capture value across the product chain. Its branded product portfolio and multi-state footprint are intended to deepen consumer loyalty, broaden product reach, and reduce dependence on any single market.

Multi-state retail and operating scaleKeskipitkä aikaväli

A broader store and operating base supports access to more customers and reduces reliance on one state.

Branded product expansionKeskipitkä aikaväli

Consumer brands can strengthen repeat purchasing and differentiate the company's products in a crowded market.

Vertical integrationPitkä aikaväli

Owning cultivation, manufacturing, and retail can improve product control and margin capture.

Maantiede

AYR operates across several U.S. state cannabis markets, including Florida, Pennsylvania, Massachusetts, New Jersey, Ohio, Nevada, and Virginia. Because cannabis is regulated at the state level, the company's footprint is shaped by licensing rules, local retail access, and each state's mix of medical and adult-use demand.

Riskit

AYR faces regulatory, licensing, and operating risks that are inherent to the U.S. cannabis industry, where rules differ by state and can change over time. Its performance is also exposed to execution risk in retail, cultivation, and brand building, as well as broader cannabis industry risks such as pricing pressure, product quality control, and compliance failures.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →State regulatory and licensing risk1Operational compliance risk2Geographic concentration in U.S. state markets3Cannabis pricing and demand volatility4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. State regulatory and licensing riskVaikutus: KorkeaTodennäköisyys: Korkea

    Cannabis is regulated at the state level, so rule changes can affect store operations, product offerings, and growth plans.

    KohdistuuFloridaPennsylvaniaMassachusettsNew JerseyOhioNevadaVirginia
  2. Operational compliance riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Cultivation, manufacturing, and retail all require strict controls, and failures can lead to product, licensing, or shutdown issues.

    Kohdistuu: Vertically integrated cannabis operations

  3. Geographic concentration in U.S. state marketsVaikutus: KeskitasoTodennäköisyys: Korkea

    The company depends on a limited number of regulated state markets rather than a diversified national market.

    Kohdistuu: Multi-state U.S. footprint

  4. Cannabis pricing and demand volatilityVaikutus: KeskitasoTodennäköisyys: Korkea

    Local supply growth, competition, and consumer preference shifts can affect sales and product mix.

    Kohdistuu: Retail and branded product sales

Kirjanpito

Harkinnanvaraiset erät
Inventory valuation and obsolescence

Cannabis products can lose value if they age, change form, or become unsellable, affecting gross margin and inventory write-downs.

Vaikutus: Retail, cultivation, and manufactured product inventory

Lease accounting

Dispensaries and production sites are often leased, so right-of-use assets and lease liabilities can be material.

Vaikutus: Store and facility footprint

Biological asset measurement

Cultivation assets and growing plants require valuation and cost allocation judgments that affect reported production costs.

Vaikutus: Cultivation accounting

Seasonality and quarterly comparability

State-level retail demand and product mix can cause meaningful quarter-to-quarter variation in revenue and costs.

Vaikutus: Reported quarterly performance

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Päivitetty: 28.9.2026

Ayr Wellness Inc. – Medicinal Chemicals & Botanical Products | Analyysi – Clarifo