At the end of May, Ayr Wellness, a vertically integrated U.S. multi-state cannabis operator, today announced it has closed the definitive agreement to acquire Herbal Remedies Dispensaries. The Illinois Department of Financial and Professional Regulation approved the acquisition May 11, 2022.

Herbal Remedies Dispensaries is an operator of two licensed retail dispensaries in Quincy, and was among the first cannabis dispensaries licensed in the State of Illinois when the State approved the Compassionate Use of Medical Cannabis Program in 2013.

“We are thrilled to finalize the acquisition of Herbal Remedies, strengthening our operational footprint with the addition of Illinois, a strategic and growing adult-use market,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “The team at Herbal Remedies has created a highly valuable position as one of the first licensed cannabis dispensaries within the state, establishing excellent relationship services that we feel will be a natural fit in support of our common mission to provide people with remarkable cannabis experiences. We look forward to strengthening this position as the Illinois market continues to develop within the broader U.S. cannabis landscape.”

The terms of the transaction include consideration of $30 million, made up of $10 million in stock, $12 million in seller notes and $8 million in cash. Based on current projections, the Company estimates it is paying approximately 5x Herbal Remedies’ 2021 EBITDA. Herbal will add approximately 50 employees to Ayr’s total headcount. With Illinois, Ayr Wellness will be operating in eight states.

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