Ayr Wellness Has Signed Conclusive Agreement To Acquire Cultivauna, LLC, for $20 million
Ayr Wellness (CSE: AYR.A, OTC: AYRWF) had previously announced its plan to acquire Cultivauna LLC. Now a definitive agreement worth $20 million has been signed.
About Ayr Wellness
Ayr Wellness is a cannabis operator with multi-state functions in the U.S. It is entirely a vertically integrated organization with its arms spread across the major markets of the country.
The tag line of the company justifies its objectives with every word. It highlights how much important the wellness of a customer is. With this mind in, it focuses on cultivating high-quality products and process them further for sale. The cultivation, for those who have not yet tasted any product of the company, is of superiority and every piece of it echoes the same.
Also Read: Labor Day Sale Launched By Smilyn Wellness In Style, 40% off on all Products
The company is under the leadership of company experts. They specialize in running an organization through every thick and thin condition. It’s only their efforts that have earned Ayr Wellness the tag of being disciplined in terms of operations and financial management.
The belief of giving back to the committee dates back to the time when the company was founded. It still stands strong on those commitments. Hence, Ayr Wellness consistently commits itself to grow the business and positively impact every customer and patient it serves.
More about the Ayr Wellness Acquisition
Levia has made its well-deserved name in the market. Cultivauna, LLC, the owner of the brand, made it what it is today. Levia, as a brand, stands out in the market due to the infusion of seltzers and water-soluble tinctures.
There is a lot more to the brand, something that caught the attention of Jonathan Sandelman, the Chief Executive Officer of Ayr Wellness.
Jonathan Sandelman has made his intentions of acquiring Cultivauna, LLC public a few weeks ago. His intentions were well-received by the buyers, industry colleagues, friends, and the management of Ayr Wellness. What really caught his attention to acquire the leading owner of Levia was the amazing experience that it brought to the customers.
Based on the feedback and market research, Jonathan Sandelman realized that Levia has a lot of potentials to become an alternative to alcohol. A complete replacement is impossible, or at least challenging, but there is a chance of making it a part of someone’s life instead of them preferring to have a glass of alcohol.
A fitness enthusiast can also rely on Levia, for its ingredients are perfectly balanced with all the flavors and zero calories.
Also Read: Three Cannabis Dispensaries Of Cultivate Acquired By Cresco Labs, Expands presence in Massachusetts
Another reason why it can become an alternative to alcohol is that all its flavors are available in water-soluble tincture. All the flavors here refer to the three flavors that Cultivauna, LLC sells in the market of Massachusetts. These flavors are Achieve Raspberry Line, Celebrate Lemon Lime, and Dream Jam Berry.
Post-acquisition, Levia will become a part of the Ayr Wellness family and join its national brands namely Kynd Premium Flowers and Origyn Extracts. It will serve in all the markets where Ayr Wellness has a presence.
The packaging contains 12-ounce slim cans of 5 mg of THC. The consuming experience of the products is relaxing. The proprietary technology of Cultivauna, LLC ensures that the effects of THC are offset within 15-20 minutes. The minor effects, however, last up to 3 hours. This provides a way to consume more products of the brand with high consistency.
The definitive agreement signed is expected to close by the end of this year, that is, 2021. It would be subjected to the relevant closing conditions and approvals from the regulatory.
With the definitive agreement, Ayr Wellness gets 100% equity in Cultivauna, LLC. The ownership is worth $20 million. It would be paid in two forms. The first is an upfront cash consideration of $10 million, while the rest would be in the form of stocks.
Additionally, Ayr Wellness would also get a payment of up to $40 million. This earnest pay-out portion would be based on how Cultivauna LLC performs financially in 2022 and 2023.
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