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To qualify and receive a medical patient card at a discounted rate, click here. To learn about cannabis-friendly events in Illinois, click here.įor Illinois News Joint reviews, click here.
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With Illinois, Ayr Wellness will be operating in eight states.įor more Illinois cannabis industry news, click here. Herbal will add approximately 50 employees to Ayr’s total headcount.
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Based on current projections, the Company estimates it is paying approximately 5x Herbal Remedies’ 2021 EBITDA. 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. We look forward to strengthening this position as the Illinois market continues to develop within the broader U.S. “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 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. 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.
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The Illinois Department of Financial and Professional Regulation approved the acquisition May 11, 2022. multi-state cannabis operator, today announced it has closed the definitive agreement to acquire Herbal Remedies Dispensaries. PUBLISHER’S NOTE: New Cannabis Ventures provided some information for this report.At the end of May, Ayr Wellness, a vertically integrated U.S. He said that should happen around the end of 2021. Lansing said operations of Herbal Remedies will remain unchanged until the sale closes. The $30 million sale is broken into $10 million in stock, $12 million in seller notes and $8 million in cash. Upon federal regulatory approval, Ayr Wellness will purchase 100 percent of Herbal Remedies. Herbal Remedies was among the first cannabis dispensaries licensed in Illinois when medical marijuana was approved in 2013. “We look forward to working with the Herbal team as we continue to build our presence in the Illinois market.” The total cannabis market in Illinois is at $1.8 billion in annual sales despite adult-use launching only 18 months ago, according to “The team at Herbal Remedies has done a tremendous job in Quincy, building a fantastic business and a strong reputation for excellent customer service and merchandising – exactly what we at Ayr Wellness look for in a partner when entering a new market,” said Jonathan Sandelman, chairman and chief executive officer of Ayr Wellness, in a prepared statement. The company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and third-party stores. It has existing operations in Massachusetts, Nevada, Pennsylvania, Ohio, Florida, New Jersey and Arizona. Illinois will be the eighth state Ayr Wellness will operate in. Lansing said that allows huge tax advantages and it will make for an even playing field in the market. Herbal Remedies Dispensary - 1837 Broadway. Vertical-integration means a company that grows and sells its own marijuana without buying product outside of its own supply chain. Herbal Remedies Dispensary - 1837 Broadway is a recreational marijuana dispensary located in Quincy, IL. “When they allowed a company to come in that is vertically-integrated, it cut us in half,” Lansing said. He said when the City of Quincy allowed Rise, another recreational-use company, into the market, it made it almost impossible for his business to compete. Lansing said as he approaches age 72, it was time to sell. The local company that first brought medical marijuana, then recreational marijuana, to Quincy has been sold to a company that owners say can compete better in a tough market.īob Lansing and Christine Wildrick sold Herbal Remedies to Ayr Wellness, based out of New York City, for $30 million.
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