Marks Significant First Step Toward Adult-Use Market Entrance in 2021
TORONTO, Nov. 18, 2020 (GLOBE NEWSWIRE) — Ayr Strategies Inc. (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, today announced its local partner Sira Naturals (“Sira”) has received three host community approvals to meaningfully expand its existing medical footprint, as well as begin the final preparations for adult-use sales in Boston, Somerville and Watertown, Massachusetts. The approvals for Host Community Agreements (“HCAs”) mark a significant first step toward the Company’s entry into the adult-use market in the Greater Boston area, with a population of 4.9 million.
We are thrilled to have received these key approvals toward entering the adult-use retail market in Massachusetts, especially in the underserved Greater Boston area where we have prime store locations. We believe these locations will be the best footprint of adult-use dispensaries in Massachusetts, and we have been highly selective in seeking these locations given we are limited by regulation to a maximum of three adult-use dispensaries in the state.
Jon Sandelman, Ayr Strategies CEO
The Massachusetts adult-use market has grown to an estimated US$900 million annualized run rate¹. But given that the Greater Boston area, where over 60% of the state’s population lives, has only three adult-use dispensaries currently open, we believe there is material unmet demand.
“With existing medical sales at our Somerville and Needham stores, the addition of co-located medical and adult-use stores in Somerville and Watertown, and the approval of our landmark adult-use Boylston Street store in the heart of Boston’s Back Bay, we hope to address Greater Boston’s unmet demand for quality, tested and safe cannabis,” added Sandelman.
“Our business is already ranked #1 in Massachusetts according to BDS Analytics due to the exceptional quality