It’s time for your Daily Hit of cannabis financial news for November 22, 2021.
On The Site
Ayr Wellness Inc. (OTCQX: AYRWF) is reporting financial results for the third quarter ending September 30, 2021 with revenue rising 111% to $96.2 million, which was a sequential increase of 5%. Ayr Wellness also reported a net loss of $3.3 million, which was a bit higher than last year’s net income of $620,373. The earnings per share were ($0.06), which beat the Yahoo Finance Average Analyst estimate for earnings of ($0.15). Ayr Wellness delivered a US GAAP operating loss of $8.9 million which included non-cash, one-time expenses, and non-operating adjustments totaling $34.9 million.
Ayr Wellness is also revising its 2022 adjusted EBITDA guidance to a range of $250-300 million, which the company said reflected delays in capital projects. The company is also feeling the pain of a volatile wholesale market and said that if these issues continue into 2022, it could also impact planned guidance. The company is reiterating its target for 2022 revenue of $800 million.