Ayr Wellness Inc. (OTC:AYRWF) (CSE:AYR), a U.S. multi-state cannabis operator, announced Thursday it has secured conditional approval from the Virginia Cannabis Control Authority to establish vertical medical marijuana operations in Virginia's Health Service Area 1. This area includes Charlottesville, Fredericksburg, Spotsylvania and Stafford—regions previously underserved in medical cannabis access.
Virginia Approval Key To AYR's Growth
David Goubert, president & CEO of AYR, expressed enthusiasm about the approval: "We're proud to have earned the opportunity to serve patients in Virginia, particularly in a region of ~1.5 million people that has lacked access to medical cannabis for some time," he stated in a press release. This development marks a significant step in AYR's strategy to expand its footprint and deliver sustainable growth.
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Steps To Full Cannabis Processor Permit
The conditional approval permits AYR to begin the setup of cultivation, processing and sales operations aimed at qualified medical patients in the state. However, the company must fulfill all conditional commitments within the next year to secure a full pharmaceutical processor permit, paving the way for comprehensive patient care in Virginia.
Virginia, Ohio, Illinois: AYR's Expansion Strategy
This approval in Virginia adds to AYR Wellness' strategic expansion efforts, following its recent moves into Ohio and Illinois. As the company continues to face profitability challenges and market pressures, this development could bolster its revenue growth, which remains a critical focus for investors.
AYRWF Price Action
AYRWF's shares were trading 1.61% higher at $1.87 per share at the time of this publication on Friday at mid-day.
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