The Canadian company bought 100% of the New Jersey-based licensed operator’s equity interests for $101 million, including $41 million in cash, $30 million in exchangeable shares and $30 million in the form of a promissory note.
In addition, earnout payments are subject to particular target revenue milestones upon closing of the deal and are capped at $97 million.
The New Jersey Cannabis Regulatory Commission approved CSAC Acquisition NJ Corp., a wholly-owned Ayr subsidiary, to acquire 100% of the membership interests in Garden State Dispensary during its meeting on September 14, nearly a year following the first announcement.
What Does It Mean For Ayr Wellness?
GSD is one of the 12 existing vertical permit holders and six original alternative treatment centers in the Garden State.
The company currently employs 110 people and has three operating dispensaries, in addition to roughly 30,000 sq. ft. of operational cultivation and production facilities. An additional 75,000 sq. ft. of cultivation is under construction.
“We are thrilled to be welcoming Garden State Dispensary to the Ayr