Ayr Wellness posts narrower loss as revenue nearly doubles

Ayr Wellness Inc. said Thursday its first-quarter loss narrowed to $7.58 million, or 11 cents a share, from $16.62 million, or 38 cents a share in the year-ago quarter. First-quarter revenue at the Miami-based cannabis company rose to $111.23 million from $58.4 million. Adjusted Ebitda increased to $19.5 million from $18.4 million. Analysts expected Ayr to lose 27 cents a share on revenue of $111.5 million, according to a FactSet survey. Looking ahead, Ayr said it’s poised to benefit from the start of adult use sales in New Jersey and a new store in Boston starting in June. Shares of Ayr Wellness fell 1.9% in premarket trades. The stock is down by 58.7% thus far in 2022, compared to a loss of 45% by the AdvisorShares Pure US Cannabis ETF .

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