Cannabis Company AYR Wellness Launches Gluten-Free Vegan Edibles, Targets $2B Market

Nicolás Jose Rodriguez

March 30, 2024

Cannabis Company AYR Wellness Inc. (OTC:AYRWF) launched its Kynd brand's premium edibles in Florida and Nevada, emphasizing natural flavors and vegan gluten-free options.

"As we continue to relaunch our flagship cannabis brand, kynd, we are thrilled to expand the brand’s offerings into new categories like edibles," said David Goubert, president and CEO of AYR. "Edibles are a growing product category that caters to both new and longtime cannabis consumers. We look forward to introducing kynd edibles to customers and wholesale partners in additional states later this year."

Meet David Goubert at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024 at The Diplomat Beach Resort. Mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!

Tailored Edibles

Kynd's edibles range and ENERGY gummies are designed for diverse experiences from relaxation to energy boosts, highlighting precise dosing and natural ingredients. The initial roll-out in Florida features the Sour Watermelon UPLIFT, Black Cherry BALANCE, Sour Blue Raspberry, and Tropical Pineapple RELAX Gummies, with more flavors to follow in both states.

Financial Achievements And Forward-Looking Strategies

In 2023, revenue reached $463.6 million, marking a 10% increase from the previous year, while the net loss widened to $272.4 million from $245.5 million in 2022. Adjusted EBITDA saw a significant 51% rise to $114.0 million, and gross profit grew 15.7% year-over-year to $202.4 million. Ayr is focused on targeting the $2.2 billion edibles market, addressing cultivation challenges, and boosting wholesale revenues, aiming for growth in 2024.

A Fresh Look For Growing Markets: Florida

Florida's cannabis market, valued at over $1.4 billion and growing at over 30%, witnesses key movements such as Planet 13’s acquisition of VidaCann.

The state's cannabis market is diversified with edibles sales surging by 47%. Trulieve (OTC:TCNNF) leads the market, with AYR Wellness marking significant year-over-year growth among its competitors.

Nevada

Nevada's cannabis industry, valued at $850 million, sees improved accessibility and market stability, driven by tourist traffic and positive economic metrics. Leading brands like STIIIZY, WYLD & Shine (by Green Thumb Industries, (OTC: GTBIF), and CAMP, plus major MSOs including Curaleaf Holdings (OTC:CURLF), Jushi Holdings (OTC:JUSHF), and Planet 13 Holdings (OTC:PLNHF).

Nevada has 104 licensed dispensaries, showing significant growth and maintaining high revenue per store compared to Western averages. With wholesale prices over $1,600 per pound—twice Arizona's—and slightly decreasing yet still high retail flower prices, Nevada's market demonstrates strong economics.

Learn more about these essential issues at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!

Photo: AI-Generated Image.

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